Price of Gold in Pakistan Registers Yet Another Decrease

The price of gold in Pakistan started the new week with a major decrease to close at Rs. 225,500 per tola. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs. 1,750 per tola to Rs. 225,500 while the price of 10 grams went down by Rs. 1,500 to close at Rs. 193,330. The price of gold in Pakistan hit an all-time high of Rs. 240,000 per tola on May 10 but largely remained in the Rs. 230,000 to Rs. 238,000 range for much of May. However, the price fell below the Rs. 230,000 barrier in June. Since the peak on May 10, the price has come down by Rs. 14,500 per tola. In the international market, spot gold was up 0.2 percent to $1,964.10 per ounce by 1209 GMT while the US gold futures went up by 0.1 percent to $1,978.10.