ISLAMABAD: After reaching the historic high of Rs 2,40,000 per tola in the first quarter of May, the price of gold continued its downward trend from the start of this month with depreciation almost every day.
After a depreciation of Rs 4000 on Monday, followed by a decline of Rs 1750 on Tuesday, the price per 24 karats of gold went down by Rs 2,500 on Wednesday to settle at Rs 219,000 against its sale at Rs 221,500 last day.
According to All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karats of gold also witnessed a decrease of Rs 2,143 to Rs 187,757 from Rs 189,900, and that of 10 grams of 22 karats of gold declined Rs 172,111 from Rs 174,075,
Unlike the last couple of days, while experiencing no change, the price of per tola silver on Wednesday also witnessed a decrease by Rs 100 to settle at Rs 2550 and ten-gram of silver depreciated by Rs 85.73 to close at Rs 2,186.21.
Like the local market, the price of the yellow metal also went down in the international market by US$ 13 to $1948 compared to its sale at $1961, last day. On the last day, the price of gold in the international market also went down by $2.
Nosediving Effect of Gold Price in Local Market
The last few days witnessed a total decline of more than Rs 14,000 in the price of the yellow metal. It is worth noting that the local bullion market, after reaching a record high of Rs 2,40,000 in May, turned back in the consequent days, particularly in June.
According to bullion experts, if the local currency gets strength, it would further affect the bullion market and would help to bring down the price further.
