The Karachi Sarafa Association has released data indicating a drop in the price of gold (24 carats) by Rs. 1,200 per tola, now priced at Rs. 240,700. Similarly, the price of 10 grams decreased by Rs. 1,029 to Rs. 206,361.
The association mentioned that the price reduction is a response to the reduced purchasing power of buyers, with the gold price being kept under cost by Rs. 1,500. This marks a significant change as previously, the association had been keeping gold under cost by as much as Rs. 4,000 per tola.
In the international market, the price of gold experienced a decline today following the US Federal Reserve’s projection of only one interest rate reduction this year. Spot gold decreased by 0.2 percent to $2,317.38 per ounce, while US gold futures also fell by 0.9 percent to $2,333.10 as of 1053 GMT.
