Islamabad, Oct 10: Gold Prices in Pakistan Drop 2% from Record High, Continuing Downward Trend. The gold price in Pakistan declined for the second successive day on Thursday and closed below Rs. 272000 per tola.
This was stated by the data released by the All-Sindh Sarafa Jewellers Association as the gold/24 carats didn’t rise as it was sold at Rs. 271,200 instead of 271,700, the rate set for the last trading day. This even reflected in the price of 10 gm 24k that came down to Rs. 232510/- from Rs. 237929/- while 10 gm of 22k gold is now available for Rs. 213134/- down from Rs. 219415.
It is worth to note that the price of gold was downed by Rs. 3,000 per tola in the domestic market yesterday for the first time at least for the past two weeks. Gold rates further rose to Rs. 35,000 per tola on September 26 as the price of gold hit an unprecedented high of Rs. 277000 per tola.
It added the price of gold in the international market was $4 lower at $ 2,613 from $ 2,617 per ounce. The price of per tola silver as well as the ten-gram silver was stable at Rs. 3,050 and Rs. 2,614.88 respectively.
Today the price of 10 grams of gold is said to be around PKR [current price] while the earlier high was that of PKR[ earlier high price] Observers credited this decline to a set of factors including rather stable world average gold prices, alterations in the dynamics of supply and demand within the region.
Some of the market professionals state that investors could badly seized this recent break and confirm that such volatile prices are expected to persist in the future due to persistent and unfolding economic problems at home and abroad. Lower escalations in gold price reduce the millionaires jewellery sales because the previous high was stimulated with more careful buying.
