The price of gold in Pakistan continued its downward trend on Monday and fell by a further Rs. 2,600 per tola.

According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went down by Rs. 2,600 per tola to Rs. 209,400 while the price of 10 grams fell by Rs. 2,290 to close at Rs. 179,527.

During the last week, the price of the precious metal registered the highest-ever weekly decline, going down by Rs. 27,800 per tola. Today’s decline means that during the last seven trading days, the price of gold has fallen by Rs. 30,400 per tola.

In the international market, spot gold went up by 0.4 percent to $1,925.80 per ounce by 1217 GMT, while the US gold futures were up 0.4 percent to $1,949.90.

It is pertinent to mention here that the price of gold in Pakistan is more dependent on the price of the US Dollar in Pakistan rather than the international price. Despite little volatility in the international market, the price of gold has nosedived in the past week due to the decline in the open market rate of the US Dollar.

Source: Pro Pakistani