ISLAMABAD: After the release of the minutes by the US Federal Open Market Committee (FOMC) last night, showing reluctance to any immediate rate cut, the price of gold in the international market dropped from $2420 to around $2360 affecting most of the bullion markets in the world including Pakistan on Thursday.
Accordingly in Pakistan, the per tola price of 24 karats of gold registered a decrease of Rs 6,200 to settle at Rs242,000 as compared to the last day sale of Rs248,200 on the last trading day.
Meanwhile, like the per tola, the price of 10 grams of 24 karats of the precious metal also came down and recorded a decline of Rs 5,315 to settle at Rs 207,476 from the last day price of Rs 212,791 whereas the rates for the 10 grams 22 karats of the yellow plate decreased to Rs 190,186 from the last day closure of Rs 195,059, as reported by All Sindh Sarafa Jewellers Association.
Like the yellow plate, the rates for the per tola white plate (silver) went down by Rs50 to settle at Rs,2,800 whereas that of the ten grams of silver decreased by Rs.42.87 to close at Rs.2,400.54.
Gold Price in International Market
After the release of last night’s FOMC minutes, the price of gold in the international market observed a significant decline by $60 to settle at $2,355 per ounce against the previous day’s closure of $2,415 per ounce.
Earlier during the last several months, the international market observed a historic record high a number of times including the latest one where the rates for the yellow plates surpassed $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 haven.
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 gold in the international market witnessed 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 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 continuous 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.
