ISLAMABAD: Amid continued decline in the international market, the per tola price of 24 karats of gold continued downward trajectory for the 3rd consecutive session as on Thursday. The price of 24 karats of gold went down by Rs 1,500 further to settle at Rs 241,200 against the previous day’s closing of Rs 242,700.
Meanwhile, according to Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the precious metal went down by Rs 1,286 to close at Rs 206,790 against the last day price of Rs 208,076 while the price of 10 grams of gold decreased to Rs 189,558 from the previous price of Rs 190,736.
Like the previous day, the price per tola and ten grams of silver was unchanged at Rs 2,900 and to Rs 2,486.28.
Gold Price in International Market
Amid the recent fluctuation, the price of the precious metal in the international rate went down by $17 to settle at $2,335 per ounce from the previous day price of $2,352 per ounce.
Earlier during the last several months, the international market registered a historic record high a number of times including the latest one where the price for the yellow metal surpassed $2450 per ounce.
The international market for the yellow plates remained highly volatile recently due to a number of reasons including investment from the Chinese investors (two months before) as their stock market went down and they turned to invest in the safe heaven.
Meanwhile, a number of private banks in the US also opted to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of weeks, the rates for the precious metal in the international market registered a significant upward trend that influenced most of the gold markets across the globe. After a major hawkish rally, its price went up by over $280 per ounce during the last six to seven weeks. The Price for the yellow metal then decreased to $2300 a couple of weeks before.
However, after a continuous increase during last couple of weeks, followed by the involvement of Chinese investors price of the precious metal jumped again passing $2400 per ounce and reaching a new historic high of $2450 per ounce.
