KARACHI: After a single-day increase last Friday, the gold price in Pakistan saw a slight decline on the first day of the week in line with a decrease in the price in the international market.
According to All-Pakistan Sarafa Gems and Jewellers Association, the price of 24 karats of gold went down by Rs1,000 per tola to settle at Rs220,700 while that of 10 grams of 24 karats of gold decreased by Rs858 to settle at Rs189,214.
Like the local market, the price of the precious metal also declined in the international market by $7 to settle at $1,951 per ounce.
Increase in Price of Gold
The price of gold in the local market witnessed a continuous fluctuation, especially with an upward trend. The reason behind the high price was the ongoing political, and financial unrest and the value of the rupee against the dollar. However, the current month observed some positive trends where the price went down by about Rs 14000 in two weeks. On May 10 the price of gold in the local market reached the historic high of Rs 2,40,000 per tola.
Meanwhile, the price of the white metal (silver) remained unchanged both per tola and 10 grams and settled at Rs2,650 and Rs2,271.94 respectively.
