ISLAMABAD, AUGUST 15: The price of gold in Pakistan retreated slightly on Thursday from the all-time high of Rs. 257,700 recorded on Tuesday.
The price of 24 carats of gold decreased by Rs. 300 per tola to Rs. 257,400, while the price of 10 kilos down by Rs. 256 to Rs. 220,680, according to figures released by the Karachi Sarafa Association.
The Sarafa Association claimed in a statement that the local market’s price of gold has been kept Rs. 2,000 per tola below its true cost. The price of the precious metal would have surpassed the previous record high in the absence of the reduction.
As of 1010 GMT, spot gold was up 0.5 percent on the foreign market at $2,458.74 per ounce, while US gold futures were up 0.7 percent at $2,496.50.
