ISLAMABAD: In line with the continued fluctuation in the international market over the last few days, the per tola price of 24 karats of gold went down by Rs1200 to settle at Rs241,100 on Tuesday against the previous day’s closing of Rs242,300 per tola.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of the 24 karats of the precious metal also registered a decline by Rs 943 to settle at Rs 206,790 from the previous day sale of Rs 207,733 whereas the price for the 10 grama of 22 karats of the yellow plate decreased to Rs 189, 479 from as compared to Rs 190,422, last day.
The price per tola and ten grams of silver, however, remained unchanged at Rs 2,650 and Rs 2,271.94 respectively.
Gold Price in International Market
Like the local bullion market, the rates for gold in the international market also witnessed a decline by $12 to settle at $2,337 from the last-day price of $2,349 per ounce.
Earlier during the last several months, the international market observed a historic record high for a number of times including the latest one where the rates for the yellow plates once surpassed $2430 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 as their stock market went down and they turned to invest in the safe haven.
Meanwhile, a number of private banks in the US also chose 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 price of gold in the international market witnessed a major upward trajectory that affected most of the gold markets across the globe. After a major hawkish rally, its price increased by over $260 per ounce during the last six to seven weeks. The Price for the yellow metal in the local bullion market is mostly influenced by the rates in the international market.
