Price of Gold in Pakistan Registers Minor Decrease

The price of gold in Pakistan registered a minor decrease on Tuesday to settle at Rs. 237,200 per tola. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went down by Rs. 100 per tola to Rs. 237,200 while the price of 10 grams saw a decrease of Rs. 85 to close at Rs. 203,361. The week had begun with an increase of Rs. 2,000 per tola on Monday. After hitting a record high of Rs. 240,000 per tola on May 10, the price of gold has remained relatively stable in the Rs. 230,000 to 238,000 per tola range. Despite the relative slowdown in the price of gold since the start of last week, the price of the precious metal has gained well over Rs. 17,000 per tola in May. The increase in price in the ongoing month so far has been significantly higher than the increase registered in the previous two months. In the international market, spot gold was down 0.5 percent to $1,958.96 per ounce by 1123 GMT while US gold futures declined by 0.9 percent to $1,959.60.