ISLAMABAD: Amid the recent dip in the international market, the per tola price of 24 karats of gold witnessed a continuous decline during the last seven days as on Saturday it registered a decline of Rs. 1,600 further to settle at Rs.238,000 against the previous day closing of Rs.239,600.
A week before the per tola price in the local market reached above Rs2,47000 and above $2430 per ounce in the international market.
Meanwhile, according to the All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the yellow plate also went down by Rs.1,257 to settle at Rs. 204,047 while the price of 10 grams of 22 karats of gold decreased to Rs.187,043.
Unlike the precious metal, the price per tola and ten grams of silver remained constant at Rs. 2,620 and Rs. 2,254.80 respectively.
Gold Price in International Market
Unlike the last 7 days, the price of gold in the international market bounced up with a little increase of $4 to settle at $2,301 from the last day’s price of $2,297 per ounce. The last slight increase in the international market was due to the poor NFP (Non-Farm Payrolls) and PMI (Purchasing Managers Index (PMI) data, which brought the dollar under pressure and took the safe haven (gold) up.
Earlier during the last two months, The international market witnessed a historic record high a number of times including the latest one where the price of the yellow metal once crossed $2430 per ounce.
The international market of the yellow metal remained highly volatile recently due to a number of reasons including investment from the Chinese traders as their stock market went bearish and they turned to invest in the safe haven.
Meanwhile, several private banks in the US also invested in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of weeks, the precious metal in the international market witnessed significant appreciation that affected most of the bullion markets across the globe. After a significant bullish rally, its price went up by over $260 per ounce during the last six to seven weeks. The Price for the precious metal in the local gold market mostly influenced by the rates in the international market. However, the last few days witnessed a significant decrease in the international market.
