Gold Price in Pakistan Holds Steady Following Weekend Decline

After experiencing a significant drop of over Rs. 3,500 per tola on Saturday, the price of gold in Pakistan remained unchanged on Monday.

Data from the Karachi Sarafa Association indicated that the price of 24-carat gold stood at Rs. 239,400 per tola, with the price of 10 grams recorded at Rs. 205,247.

The previous day’s decline marked the largest single-day drop in the price of gold during the week. In the international market, gold prices recovered slightly after experiencing the most significant drop in over three years in the previous session. This rebound came as data from China and the US fell short of expectations, disappointing speculators who had bet on Chinese demand and a potential interest rate cut by the Federal Reserve.

Spot gold saw a 0.5 percent increase, reaching $2,304.92 per ounce as of 1200 GMT, while US gold futures experienced a 0.1 percent decrease, falling to $2,323.20.

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