Gold price falls Rs2,300 per tola from record high

KARACHI: Gold price in Pakistan finally dipped on Thursday, following a similar trend in international market.

After days of consecutive gains, the price of precious metal dropped by Rs2,300 per tola, bringing the new rate to Rs283,100, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The ten-gramme gold also saw a decrease of Rs1,971, with the new price set at Rs242,713 in bullion market.

This decline comes just a day after gold surged to a new record high, with 24 karat price jumping by Rs2,000 to Rs285,400 per tola.

Globally, gold rates were red with the price per ounce declining to $2,734 including a premium of $20.

The international market saw a total drop of $23 in total during the day.

While gold took a hit, silver prices in the country were unchanged at Rs3,350 per tola.

Gold prices have been climbing in recent weeks, driven by rising tensions in Middle East and uncertainty regarding elections in the US.

For those unaware, investors prefer yellow as a safe investment or hedge during times of economic and political turmoil which cause prices to record highs.

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