Gold price decreases by Rs5,600 per tola in Pakistan

Karachi (Web Desk): Gold prices in Pakistan declined sharply, with the price of a tola falling below the Rs450,000 mark amid expectations of a rise in US interest rates.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped by Rs5,600 per tola to Rs448,336.

The price of 10 grams of gold also decreased by Rs4,801, settling at Rs384,375.

The association said gold prices also moved lower in the international market, where the price of the precious metal fell by $56 to $4,258 per ounce.

The decline in local gold prices came as global markets reacted to expectations surrounding US interest rates.