Gold price further drops in Pakistan

KARACHI: Gold price in Pakistan fell by Rs600 per tola (11.66 grams) on Tuesday, tracking a decline in the international market as investors shifted to riskier assets amid hopes of a global economic recovery.

The All Pakistan Gems and Jewelers’ Association said the price of gold per tola in the country was Rs217,300 ($1,348.77), down from Rs217,900 on Monday.

The price of 10 grams of gold also dropped by Rs514 to Rs186,300, the association said.

In the international market, gold fell by $8 to $2,047 per ounce, as the dollar strengthened and US Treasury yields rose, reducing the appeal of the safe-haven metal.

The international price of gold in Pakistan was $2,267 per ounce, including a premium of $20, the association said.

Gold is widely used in Pakistan for jewellery and as a store of value, especially during weddings and festivals. The country imports most of its gold from the United Arab Emirates and Saudi Arabia.