Gold price falls by Rs4,300 per tola in Pakistan

Karachi: The price of gold dropped by Rs4,300 in the domestic market amid diminishing demand from consumers and in line with the international market prices. 

According to the data compiled by the All Sindh Sarafa Jewellers Association (ASSJA), the gold prices in the local market recorded a decrease of Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs134,200 and Rs115,055.

The price of yellow metal is declining because of the continuous appreciation of the Pakistan rupee against the US dollar and fading concerns regarding the deepening economic crisis.

Cumulatively, the precious commodity has lost Rs9,300 per tola since August 10.

In the international market, bullion prices slid $27 per ounce to settle at $1,775 as investors turned cautious in the run-up to minutes of the previous US Federal Reserve policy meeting amid hawkish comments from the central bank officials.