ISLAMABAD: After going down by Rs 500 on Monday, the per tola price of 24 karats of gold went down further by Rs 2,000 to settle at Rs 241,900 on Tuesday against the last day closing of Rs 243,900.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the precious metal went down by Rs 1,715 to settle at Rs 207,390 from the last day price of Rs 209,105 while that of 10 grams of 22 karats of the yellow plate decreased to Rs190,108 from the last day rates of Rs191,680.
Like the gold, the price of per tola silver went down by Rs.20 to settle at Rs.2,630 while that of ten grams of the white plate decreased by Rs.17.14 to close at Rs2,254.80.
Gold Price in International Market
Like the local bullion market, the price of the precious metal in the international market went down by $19 to settle at $2,316 from the last-day price of $2,335 per ounce.
The international market witnessed a historic record high a number of times during the last few weeks including the latest one where the price of the yellow metal once crossed $2320 per ounce.
The international market of the yellow metal remained highly volatile during the last couple of weeks 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 heaven.
Meanwhile, several private banks in the US also invested in the precious 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 a major appreciation that affected most of the bullion markets across the globe. After a significant bullish rally, its price increased 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. However, the last two days witnessed a significant decrease in the international market.
