Gold Price in Pakistan Falls to Almost Two-Month Low

The price of gold in Pakistan decreased for the fifth consecutive day during the current week on Friday to close at nearly a two-month low.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 1,500 per tola to Rs. 217,000 while the price of 10 grams decreased by Rs. 1,285 to close at Rs. 186,043.

This is the first time in the past many months that the price of gold has declined for five straight days in a week. The price of gold decreased by Rs. 1,000 per tola on Monday and then further fell by Rs. 200 per tola on Tuesday. The precious metal depreciated by Rs. 1,800 per tola on Wednesday and Rs. 200 per tola on Thursday. Today’s decline means that, cumulatively, the price of gold has decreased by Rs. 4,7000 per tola.

The last time price of gold was around the Rs. 217,000 per tola mark was almost two months ago. It is pertinent to mention here that the precious metal hits its all0time high price of Rs. 240,000 per tola on May 10.

In the international market, spot gold increased 0.3 percent to $1,919.06 per ounce by 1130 GMT, while the US gold futures increased by 0.3 percent to $1,929.20.

Source: Pro Pakistani