ISLAMABAD: The downward trajectory of the per tola price of 24 karats of gold continued for the third consecutive day as on Friday it witnessed a decrease of Rs 1,800 further to settle at Rs 240,200 against the last day closing of Rs 242,000 on the last trading day.
The recent decreased happened due to the recent release of the minutes by the US Federal Open Market Committee (FOMC), showing reluctance to any immediate rate cut. As a result the US currency gained momentum and the safe heaven (gold) remained under pressure. The recent decrease in the international market affected the local market taking the price of gold down up to Rs9000 during last three days.
Meanwhile, All Sindh Sarafa Jewellers Association the rates for the 10 grams of 24 karats of the yellow metal also went down by Rs 1,543 to settle at Rs 205,933 from the last day price of Rs 207,476 whereas the price of 10 grams of 22 karats of the yellow metal decreased to Rs 188,772 from Rs 190,186, the
The price of per tola and ten grams of silver, however remained unchanged at Rs,2,800 and Rs.2,400.54 respectively.
Gold Price in International Market
Amid the recent release of the FOMC minutes, by the US Federal Reserve, the price of gold in the international market further decreased by $17 to settle at $2,338 from the last day price of $2,355 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 rates for the yellow metal surpassed $2450 per punce
The international market for the yellow metal remained highly volatile recently due to a number of events 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 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 recorded a significant upward trend that affected most of the gold markets across the globe. After a major hawkish rally its price increased by over $280 per ounce during last six to seven weeks. The Price for the yellow metal then went down 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 passed $2400 per ounce and reached new historic high, excluding the last three days.
