ISLAMABAD (Kashmir English): The price of gold witnessed an unprecedented decline across the country on the third day of the business week today, causing concern among both investors and consumers.
The price of gold per tola in various cities fell by Rs 7,538 to Rs 437,362, while the price of 10 grams of gold also fell by Rs 6,463 to Rs 374,967.
According to the All Pakistan Jewelers Manufacturers Association (APGJSA), the price of gold was stable on Tuesday and was at Rs 444,900 per tola, but the decline in the price of gold in the international market on Wednesday had a clear impact on the local market.
The price of gold in the international market also fell and fell to $ 4,150 per ounce (with a premium of $ 20), which shows a decrease of $ 85. Investors took profits from gold’s recent record highs, while awaiting the latest US inflation data.
The decline in gold prices was also due to signs of easing in US-China trade tensions. Spot gold was down 0.4% at $4,109.19 an ounce on Wednesday.
Last Tuesday, gold prices saw a decline of more than 5%, the biggest drop since August 2020. Meanwhile, US gold futures for December delivery rose 0.4% to $4,124.10 an ounce. Locally, silver prices were also volatile, falling by Rs151 per tola to Rs5,110.
Business experts say that fluctuations in gold and silver prices are an important signal for investors, and they decide their investment strategies accordingly.
The historic shortage of gold in the country has created a new situation for financial markets and consumers, the effects of which may become more evident in the coming days.
