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The price of gold in Pakistan has declined as dealers continue to offer discounts due to low demand.

After posting minor gains a day earlier, the price of gold in Pakistan fell by Rs. 400 per tola on Wednesday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell to Rs. 240,600 per tola, while the price of 10 grams decreased to Rs. 206,276.

Gold has had a muted week so far, with the price remaining stable on Monday before increasing by Rs. 700 per tola on Tuesday. Despite trading much below the all-time high level of Rs. 253,000 per tola, the Sarafa Association has kept the price of gold under cost by Rs. 3,000 due to the reduction in purchasing power of buyers.

In the international market, spot gold rose by 0.1 percent to $2,330.07 per ounce as of 1010 GMT, while US gold futures also increased by 0.1 percent to $2,350.00.

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