ISLAMABAD: After a significant increase by Rs2500 last day, the per tola price of 24 karats of gold turned dovish and went down by Rs500 to settle at Rs.240,000 on Tuesday against the last day closing of Rs.240,500.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karats of the precious metal went down by Rs429 to settle at Rs 205,761 from the previous day’s rates of Rs206,190 while the rates for the 10 grams of 22 karats of the yellow plate decreased to Rs188,615 from the last day price of R 189,007.
The price per tola and ten grams of the white gold (silver), however, remained unchanged at Rs2,620 and Rs 2,254.80 respectively.
Gold Price in International Market
like the local bullion market, the price of gold in the international market also turned bearish as on Tuesday it registered a decline by $5 to settle at $2,317 from the last day price of $2,322, per ounce.
Earlier during the last two months, The international market witnessed a historic record high a number of times including the latest one where rates of the yellow plates once surpassed $2430 per ounce.
The international market for the yellow plates remained highly volatile recently due to a number of reasons including investment from the Chinese investors as their stock market went bearish and they turned to invest in the safe haven.
Meanwhile, a number of private banks in the United States also opted to invest 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 price of gold in the international market recorded a significant upward trajectory that affected most of the bullion markets across the globe. After a significant hawkish 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 bullion market is mostly influenced by the rates in the international market.
