ISLAMABAD: After a significant increase of Rs4600 last day, the per tola price of gold decreased by Rs300 on Saturday in the local bullion to settle at Rs243,500 against the last day closure of Rs243800.
Meanwhile, according to All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rates for the 10-grams of the precious metal also went down by Rs257 to settle at Rs208,762.
Gold Price in International Market
Like the local bullion market, the rates for the gold in the international market also witnessed the same response and wend down by $6 to settle at $2,360 per ounce.
Earlier during last couple of months, the international market observed a historic record high for a number of times including the latest one where price of the yellow plates once surpassed $2430 per punce
The international market for the yellow metal remained highly volatile recently due to a number of reasons including investment from the Chinese investors as their stock market went bearish and they turned to invest in the safe heaven.
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 last couple of weeks, the price of gold in the international market registered a major upward trajectory that affected most of the gold markets across the globe. After a major hawkish rally its price went up by over $260 per ounce during last six to seven weeks. The Price for the yellow metal in the local bullion market mostly influenced by the rates in the international market.
