Karachi: Gold rate dropped in line with international market, snapping seven-day winning streak.

Data released by All-Pakistan Sarafa Gems and Jewellers Association showed that price of gold (24 carats) fell by Rs 1,000 per tola and Rs 858 per 10 grams to settle at Rs 207,300 per tola and Rs 177,726 per ten grams.

Price of gold is Rs 11,500 per tola “Under-cost” in Pakistan compared to Dubai market, showing that Pakistani gold market was currently cheaper than global. Gold prices in international market fell as investors booked profits after asset rose above one-year peak of over $ 2,000 earlier in day amid banking fears and increasing bets of rate pause by Federal Reserve.

Published in The Daily National Courier, March, 21 2023

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