ISLAMABAD: Amid continued fluctuation in the international market, the per tola price of gold in the local market witnessed a decrease of Rs500 on Tuesday to settle at Rs240,300 against the previous day’s closing of Rs240,800.
Last day price of the precious metal went up by Rs800 per tola.
Meanwhile, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rates for the 10 grams of the yellow plate decreased by Rs 429 to settle at Rs206,018. However, like the previous day price of the silver remained constant at Rs2,800 per tola.
Gold Price in International Market
Amid the recent fluctuation, the price of the precious metal at the international rate went down by $4 to settle at $2,339 per ounce.
Earlier during the last several months, the international market witnessed a historic record high a number of times including the latest one where the price for the yellow metal crossed $2450 per ounce.
The international market for the yellow metal 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 turned 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 the last couple of weeks, the price of the precious metal in the international market registered a significant upward trend that influenced most of the gold markets across the globe. After a major hawkish rally, its price went up by over $280 per ounce during the last six to seven weeks. The Price for the yellow metal then went down to $2300 a couple of weeks before.
However, after a continues increase during the last couple of weeks, followed by the involvement of Chinese investors price of the precious metal jumped again passed $2400 per ounce and reached a new historic high of $2450 per ounce.
