Gold price witnesses major Rs7,000 cut per tola

KARACHI: Gold extended its declining trend on Tuesday as the price of 24-karat gold dropped by Rs7,000 to Rs270,500 per tola in Pakistan.

The Karachi Sarafa Association recorded the price of precious metal at Rs231,911 per 10-gramme, showing a massive cut of Rs6,000.

The price of one gramme of gold in the country now stands at Rs23,191.

Furthermore, the 22-karat gold’s rate was recorded at Rs212,584 per 10-gramme.

Silver prices also fell in the local market, with 24-karat being sold at Rs3,250 per tola after declining by Rs50, while the ten-gramme silver rate was down by Rs43 to Rs2,786.

Globally, spot gold traded near $2,596 an ounce, down $28 or 1.07 per cent from the previous session.

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