Gold price decreases by Rs4, 000 per tola in Pakistan

Karachi: Gold price on Saturday declined in the local markets after reduction of prices in the international market.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) confirmed decrease in the gold price, pointing out that the price of gold (24 carats)  went down by Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

The yellow metal witnessed overall Rs4,500 or 2.15% decline per tola during the week.

Gold prices touched historic high rate of Rs210, 500 per tola in the country these days.

According to the reports, the price went up after the investors focused their investment for the yellow metal amid the soaring inflation. On other hand, the foreign reserves of the country are depleting fast.

In the global markets, the gold price fell down over 2% on Friday to a more than three-week low  as the US jobs data raised feared that the Federal Reserve could keep increasing the interest rates.

The Reuters reported that spot gold dipped 2.6% to $1,863.66 per ounce by 1:40 p.m. ET (1840 GMT). U.S. gold futures settled down 2.8% to $1,876.6. Bullion is down 2.5% so far this week, marking its biggest weekly fall since early October, with prices having fallen nearly $100 in two sessions.

Silver prices, meanwhile,  in the domestic market, went down by Rs100 per tola to settle at Rs2, 250 while the price of 10 gram with decrease of Rs85.74 settled at Rs1,929.