On Thursday, the price of gold in Pakistan saw a decline of Rs. 1,700 per tola but remained close to its record-high level.
Data released by the Karachi Sarafa Association indicates that the price of gold (24 carats) dropped by Rs. 1,700 per tola to Rs. 250,200, while the price of 10 grams decreased by Rs. 1,458 to Rs. 214,506.
Just yesterday, the precious metal surged to an unprecedented level of Rs. 251,900 per tola in the domestic market.
Earlier in the week, the local market witnessed a consecutive rise in gold prices. On Monday, the price per tola increased by Rs. 800, followed by a further increase of Rs. 2,400 on Tuesday, and an additional Rs. 2,200 on Wednesday. This week, the cumulative rise in the price of gold amounts to Rs. 3,700 per tola so far.
Meanwhile, in the global market, gold prices surged today amid concerns of escalating tensions in the Middle East. Spot gold rose by 0.8 percent to $2,379.21 per ounce as of 0713 GMT, while US gold futures increased by 0.2 percent to $2,394.10.
