Islamabad: After reaching its historic high of Rs240,000 per tola in the first week of May, the price of gold is witnessing a downslide trend.
On Wednesday, the price of the yellow metal in the local market in Pakistan went down for the third consecutive day. The market observed a decline of Rs800 to settle at RS227,300 per tola against Rs228,100 on the last trading day.
Last day, the yellow metal observed a significant decline of Rs23,00 despite a price surge in the international market.
According to All-Pakistan Sarafa Gems and Jewellers’ Association, the price of 10 grams of 24 karats of gold also recorded a decline of Rs686 to settle at Rs194,873.
Meanwhile, the rates of gold in the international market went down by $3 to trade at $1,961 per ounce.
Meanwhile, rates of per tola and 10 grams of silver fell by Rs50 to settle at Rs2,600 and Rs2,229.08, respectively.
Decline in Gold Price
The value of gold fluctuated throughout the month, with a significant decline during the last three days, where the precious metal surrendered its price at about Rs 4100. The recent few months transformed the gold rates into a golden egg where investors preferred to invest in the precious metals.
Economic experts believe that the temperament of investors shifted to the entity due to ongoing political and financial unrest coupled with the depreciation of the local currency and the shrinking of the real estate market.
They believe the gold market could stabilize if the incumbent government provides incentives to other sectors, including real estate, stock market, IT, agriculture, etc., in the coming fiscal budget.
