ISLAMABAD: In the context of the robust economic indicators and delay in the cut in the interest rate in the US, the previous day, the price of gold tumbled in the international market, affecting the local market. As a result, the per tola price of 24 karats of the precious metal in Pakistan went down by Rs.1,200 and was available in the market at Rs.214,800 on Monday compared to Rs. 216,000 on the last trading day.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates of 10 grams of 24 karats of the yellow plate received the same response and declined by Rs.1,029 to Rs.184,156 from the previous rate of Rs185,185 while the price of 10 grams of the 22 karats of gold decreased to Rs.168,810 from its previous price of Rs. 169,753.
However, the price per tola and ten grams of Silver remained constant at Rs.2,600 and 2,229.08, respectively.
Gold Price in International Market
After the recent announcement by Chairman US Central Bank, Jerome Powell, to delay the rate cut, taking the economic indicators up and bringing the price of gold down. Accordingly, rates of the precious metal continued the bearish sentiments in the international market as on Monday, it observed a decline of $11 to settle at $2,048 per ounce from $.2,059.
The last reports received showed a further decline in the price of the yellow metal.
Last week, the price of the yellow plates in the international market went down by more than $30 per ounce. The price for yellow metal in the local bullion market is usually affected by the price in the international market.
