ISLAMABAD: After a major decline of Rs1400 last Saturday, the per tola price of 24 karats of gold remained stable without a change to settle at Rs 240,300 on Monday.
Meanwhile, according to the All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the precious metal and 10 grams of 22 Karat also remained constant at Rs 206,019 and Rs 188,580 respectively.
The price of per tola and ten grams of silver also remained stable at Rs 2,820 and Rs 2,417.70 respectively.
Gold Price in International Market
Like the local bullion market, the price of gold in the international market also remained constant at $2,326 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 opted to invest in the safe heaven.
Meanwhile, a number of private banks in the US also opted to invest in gold taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of weeks, the price for the precious metal in the international market witnessed 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 the last six to seven weeks. The Price for the yellow metal then declined to $2300 a couple of weeks before.
However after a continuous increase during the last couple of weeks, followed by the involvement of Chinese investors price of the precious metal jumped again crossing $2400 per ounce and reaching a new historic high of $2450 per ounce.
