Gold price drops by Rs900 per tola

WEB DESK: The price of gold in Pakistan saw a notable decrease on Wednesday, with 24-karat gold being sold at Rs240,600 per tola, marking a decline of Rs900 per tola.

This drop is attributed to a reduction in purchasing power, leading to prices being set Rs1,500 below their actual cost for the day.

According to the Karachi Sarafa Association, the price of 24-karat gold was reported at Rs206,276 per 10 grammes, reflecting a decrease of Rs771 per 10 grammes. Similarly, the price of 22-karat gold also experienced a reduction, now quoted at Rs189,086 per 10 grammes.

In contrast, silver prices in the domestic market remained stable. The price of 24-karat silver held steady at Rs2,850 per tola and Rs2,443 per 10 grammes.

On the international stage, spot gold traded near $2,316 an ounce, experiencing a decline of $14.4 or 0.62 per cent from the previous session.