Price of Gold in Pakistan Registers Huge Decrease

The price of gold in Pakistan decreased for the second straight day on Friday to settle at Rs. 230,800 per tola. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 6,500 per tola to Rs. 230,800 while the price of 10 grams decreased by Rs. 5,573 to Rs. 197,874. The price of gold had surged by Rs. 9,900 per tola to Rs. 240,000 on Wednesday. However, the price went down by Rs. 2,700 per tola on Thursday. The decrease in price on Thursday and Friday means that the cumulative increase in the price of gold during the current week is now down to Rs. 5,300 per tola. In a related development, the Pakistani rupee also staged a dramatic comeback against the US dollar today, registering a gain of almost Rs. 14 in the interbank market. The rupee closed with an increase of Rs. 13.85 to settle at Rs. 285.08, from Rs. 298.93 a day earlier. In the international market, spot gold was down 0.6 percent to $2,003.08 per ounce by 1001 GMT while US gold futures fell 0.7 percent to $2,006.60.