ISLAMABAD: After marking a record high last day, the per tola price of 24 karats of gold witnessed a slight correction and decreased by Rs900 to settle at Rs240,200 on Friday as compared to its sale at Rs241,100, last day.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the yellow metal went down by Rs772 to close at Rs205,932 as compared to Rs206,704 last day and the price of 10 grams of 22 karats of gold went down to Rs188,772 from the last day price of Rs189,480.
However, the price of per tola and ten grams of white plate (silver) remained constant at Rs2,650 and Rs,2271.94 respectively.
Gold Price in International Market
After continues increase in the price of gold in the international market for last couple of days, its rates observed some correction and went down by just $5 to settle at 2,306 as compared to the last day historic high of $2,311, per ounce.
The recent price increase in the local market was only due to the sharp and continues increase at international market as price of the precious metal remained unstoppable during last couple of weeks and went up time and again.
As the international market of the yellow metal remained highly volatile during last couple of days due to different reasons including investment from the Chinese investors their stock market remained bearish.
Meanwhile being a safe heaven, besides from other investors, scores of private banks in the US even invested in the gold taking its price to near 2300 per ounce.
It was the reason, its price continued to surge during last few days as on Wednesday, its price went up further by $17 to settle at 2,290 from the previous day price of $2,273 per ounce.
During last couple of days, the yellow metal in the international market witnessed major increase that affected most of the bullion markets in the world. After the huge increase its price went up by over $200 per ounce during last two to three weeks. The Price for the precious metal in the local bullion market mostly affected by the price in the international market.
