Gold price drops by Rs100 per tola in Pakistan

• Gold price drops by Rs100 per tola to reach Rs131,200.
• Bullion rates in Pakistan are around Rs5,000 below cost.
• Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan shed Rs100 per tola and Rs85 per 10 grams to settle at Rs131,200 and Rs112,483, respectively.

According to All Sindh Saraf Jewellers Association (ASSJA), gold price closed last week at Rs131,300 per tola and Rs112,568 per 10 grams.

In the international market, gold remained steady and recorded a meagre gain of $1 per ounce to settle at $1,925 as the dollar and Treasury yields firmed following a solid US payrolls report that raised expectations of aggressive rate hikes, while a worsening Ukraine crisis supported safe-haven bids for bullion.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.