24-karat gold price falls Rs1,000 per tola from historic high

KARACHI: On Thursday, gold prices in Pakistan fell, with 24-karat gold now priced at Rs263,000 per tola, a decrease of Rs1,000. Just the day before, gold had reached an all-time high in Pakistan.

This year, the price of gold has risen by Rs43,000, or 19.6 per cent, as traders anticipate the start of the US Federal Reserve’s monetary easing next week.

According to the Karachi Sarafa Association, the cost of 24-karat gold is now Rs225,480 per 10 grammes, down by Rs857. The price of 22-karat gold has also dropped to Rs206,690 per 10 grammes.

In contrast, silver prices have stayed the same. 24-karat silver is being sold at Rs2,900 per tola and Rs2,486 per 10 grammes.

Globally, spot gold is trading near $2,515 an ounce, which is up $3.60, or 0.14 per cent, from the previous session.

Read next: Intraday trading: PKR gains over 21 paisa against USD