Business
How much did gold price decline today in Pakistan?
- Gold falls below the threshold of Rs146,000 per tola.
- Price settles at Rs145,900 per tola.
- Silver prices remain unchanged in local market.
KARACHI: Gold extended losses into a second session on Wednesday, falling below the threshold of Rs146,000 per tola on expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge.
According to the All Sindh Saraf Jewellers Association (ASSJA), gold prices in the local market declined by of Rs100 per tola and Rs85 per 10 grams to settle at Rs145,900 per tola and Rs125,086 per 10 grams.
Last week the price of gold recorded an overall gain of Rs4,100, or 2.96%, per tola.
It should be noted that the gold price is standing below cost and is cheaper by Rs3,000 per tola compared to Dubai.
In the international market, bullion prices rose by $13 per ounce to settle at $1,746; however, investors await direction on interest rates from US Federal Reserve.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.