Gold price per tola plunges Rs1,000 in Pakistan

Karachi: Gold prices in Pakistan declined on Wednesday in line with their loss in the international market. The price of the yellow metal per tola reached Rs434,762 after a decline of Rs1,000 in local markets.

Similarly, 10-gram gold was sold at Rs372,738 after it fell by Rs857, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, gold price per tola reached Rs435,762 after a gain of Rs5,900 during the day.

The international rate of gold declined by $10 to reach $4,124 per ounce (with a premium of $20). Moreover, international gold prices slipped on Wednesday, pulled down by a rebound in the dollar and profit-booking after bullion rose to a near three-week high in the previous session on expectations of interest rate cuts by the Federal Reserve next month.