ISLAMABAD: After a significant decrease from over $ 2060 to below $2045 per ounce, the per tola price of 24 karats of gold in the domestic market also observed a major decline of Rs.3,600 to settle at Rs.213,700 on Wednesday against Rs. 217,300 the previous day.
Till the filing of the report, the rates in the international market were going down further, which might result in a further increase in the price of gold in the local market for tomorrow.
Meanwhile, the rates for the 10 grams of 24 karats of the precious metal also went down in the domestic market by Rs.3,087 to close at Rs.183,213 from its previous day price of Rs. 186,300 whereas the price of 10 grams of the 22 karats of the yellow plate decreased to Rs.167,945 from its last day rates of Rs. 170,775.
Like gold, the price of per tola silver also observed a decline and went down by Rs.50 to settle at Rs.2,600, whereas the rates for the ten grams of the white plate decreased by Rs.42.86 to close at Rs.2,229.08.
Decrease in Price of Gold in International Market
After reaching over $2,067 till early Tuesday, the rates of the precious metal in the international market started a significant decline that prevailed till the middle of the day on Wednesday, with the possibility of further decline. A major reason was the strengthening of the US dollar against other international currencies, including the Japanese Yen, the Australian dollar, etc.
On Wednesday, the precious metal witnessed a significant decrease by $22 to fluctuate at $2,045 from its last-day price of $.2,067.
The price of gold in the local bullion market is usually affected by the rates in the international market. The last couple of days witnessed a continuous fall in the international market, affecting the domestic gold market.
