Gold Rate in Pakistan Falls for Fourth Straight Session But Remains Near Record Level

The price of gold in Pakistan fell for the fourth straight day on Wednesday after hitting record high last week.

According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 500 per tola to hit Rs. 255,500, while the price of 10 grams was down by Rs. 429 to Rs. 219,050.

After hitting a record high of Rs. 257,300 per tola on Friday (August 1), the price of the precious metal has taken a slight hit. On Saturday, the price fell by Rs. 500 per tola and the decline continued in the current week with gold falling by Rs. 300 per tola on Monday and another Rs. 500 per tola on Tuesday. Today’s decline takes the cumulative losses in the last four days to Rs. 1,800 per tola.

In the international market, spot gold was up 0.2 percent to $2,393.66 per ounce, as of 0936 GMT, while the US gold futures were up 0.1 percent to $2,434.00.