Gold price declines in Pakistan

KARACHI: Gold price in Pakistan witnessed a decline on Friday, after a sharp increase of Rs2,200 per tola on the previous day.

According to the All Pakistan Sarafa and Jewellers Association, the price of 24-karat gold fell by Rs1,900 to Rs220,900 per tola.

Similarly, the price of 10-gram gold decreased by Rs1,629 to Rs189,386.

The drop in gold prices came after a surge in the international market, where gold reached a six-week high of $1,788 per ounce on Wednesday.

Gold price sees steep rise in Pakistan

However, the yellow metal lost some of its gains on Thursday, as the US dollar strengthened and investors awaited the outcome of the US Federal Reserve’s policy meeting.

Analysts said that gold prices could remain volatile in the coming days, as the market sentiment would be influenced by the Fed’s stance on inflation and tapering of its bond-buying programme.