Gold price in Pakistan sees big drop

The price of 10 grams of 24 karat gold also decreased by Rs.1,029 to Rs.184,156 from Rs185,185 whereas the prices of 10 gram 22 karat gold went down to Rs.168,810 from Rs. 169,753, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram Silver remained stagnant at Rs.2,600 and 2,229.08 respectively.

The price of gold in the international market decreased by $11 to $2,048 from $.2,059, the Association reported.

The weekly inflation measured by the Sensitive Price Indicator (SPI), witnessed a decrease of 0.28 per cent for the combined consumption groups during the week ended on February 1.

According to the PBS data, the SPI for the week under review in the above-mentioned group was recorded at 317.65 points in Pakistan as compared to 318.55 points during the past week.

As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 39.45 per cent.

The weekly SPI with the base year 2015-16 =100 covers 17 urban centres and 51 essential items for all expenditure groups.

The SPI for the lowest consumption group up to Rs. 17,732, decreased by 0.85 percent and went down to 310.42 points from last week’s 313.09 points.