After posting a massive increase a day earlier, the price of gold in Pakistan declined slightly on Thursday to close at Rs. 206,300 per tola.
According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) decreased by Rs. 200 per tola to Rs. 206,300 while the price of 10 grams dropped by Rs. 171 to close at Rs. 176,869.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) President Haji Haroon Chand, there is still a disparity in the price of the precious metal with different rates being quoted in different cities.
However, Chand said that an agreement has been reached with all provinces that a premium of $20 will be charged on international prices, and for the calculation of price interbank rate of the US dollar will be used. This will help in bringing uniformity to the price of the precious metal across the country.
In the international market, spot gold was up 0.1 percent to $1,950.29 per ounce by 1015 GMT, while the US gold futures dropped 0.3 percent to $1,962.10.