ISLAMABAD: After an increase of Rs500 last day, the per tola price of 24 karats of gold turned bearish and decreased by Rs.1,400 to settle at Rs.240,300 on Saturday against the previous day closing of Rs.241,700.
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.1,200 to settle at Rs.206,019 the previous day from of Rs.207,219, whereas the price of 10 grams of 22 karats of the yellow metal decreased to Rs.188,850 against the last day price of Rs189,950.
After remained constant for three days, rates for per tola silver also went down by Rs.80 to settle at 2,820 whereas that of ten grams of silver decreased by Rs.68.58 to close at Rs.2,417.70.
Gold Price in International Market
Amid the recent fluctuation, the price of the precious metal in the international rate also went down by $15 to settle at $2,327 as compared to the previous day price of $ 2,342, per ounce.
Earlier during last several months, the international market witnessed a historic record high for a number of times including the latest one where the price for the yellow metal surpassed $2450 per punce
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 opted 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 last couple of weeks, the price for the precious metal in the international market recorded a significant upward trend that influenced most of the gold markets across the globe. After a major bullish momentum, its price appreciated by over $280 per ounce during last six to seven weeks. The Price for the yellow metal then decreased to $2300 a couple of weeks before.
However, after continues increase during last couple of weeks, followed by involvement of Chinese investors price of the precious metal jumped again crossing $2400 per ounce and reached new historic high of $2450 per ounce.
