Gold price drops by Rs1,200 per tola

KARACHI: Gold prices in Pakistan experienced a decline on Tuesday, marking a notable drop of Rs1,200 for 24-karat gold, now priced at Rs241,100 per tola.

Noteworthy is the deliberate decision to maintain this price of Rs3,000 below its actual value today.

The rationale behind this adjustment, as explained by the Karachi Sarafa Association, is attributed to the considerable decrease in purchasing power.

Last week saw a contrasting trend, with 24-karat gold witnessing a significant increase of Rs5,500 per tola.

Providing further insights, the Karachi Sarafa Association disclosed the current price of 24-karat gold at Rs207,733 per 10 grammes, reflecting a reduction of Rs943.

Similarly, the price of 22-karat gold observed a decline, now standing at Rs189,479 per 10 grammes.

Conversely, silver prices remained stable in the local market, with 24-karat silver maintaining its price at Rs2,650 per tola and Rs2,271.94 per 10 grammes.

Shifting focus to the global scenario, international spot gold retained its position near $2,338.4 an ounce, following a 1 per cent decrease reported yesterday.