ISLAMABAD: After a continuous increase for the last couple of days, the price of per tola 24-karat of gold in Pakistan witnessed a major fall of Rs1050 to settle at Rs227,500 per tola on Saturday.
Meanwhile, the rates for the 10 grams of 24 karats of the precious metal also observed a decline of Rs900 to close at Rs195,045 while the price for the 10 grams of 22 karats of the yellow plate decreased by Rs178,791.
Experts attribute the recent fluctuation in the price of gold to the significant increase in the price of the precious metal in the international market. The price of gold went up last week due to an increase in Chinese Investment in the safe heaven and even at one time its price went above $2194 per ounce. Usually, the price of gold went up when other economic indicators went down.
Gold Price in International Market
Like the local bullion market, the price for the precious metal in the international market also observed a handsome fall of $13, to settle at $2,175 per ounce against the previous day’s price of $2,188 per ounce.
One of the major reasons for the increase in the gold price in the international market is the continued buying of gold from Chinese investors as due to the shrinking of the real estate and construction sector they turned to the safe haven.
During the last couple of days, gold prices went up by over $90 per ounce. The Price for the yellow metal in the local bullion market is mostly affected by the rates in the international market.
