ISLAMABAD: The downward trend continued in the local bullion market, as the per tola price of 24 karats of gold witnessed a decrease of Rs. 500 on Saturday and was sold at Rs. 212,000 compared to its sale at Rs.212,500 on the previous day. Last day price of the 24 karats of gold recorded a significant decrease of Rs 4000 per tola, with almost similar decrease for the last couple of days.
According to All Sindh Sarafa Jewellers Association, the rates for 10 grams of 24 karats of the precious metal also decreased by Rs.428 to close ta Rs.181,756 from its last day price of Rs.182,184 whereas the prices of 10 grams of 22 karats of the yellow metal went down to Rs.166,610 from its last day price of Rs.167,002.
The price per tola of silver recorded a decrease of Rs.100 to settle at Rs.2,550 per tola, whereas that of 10 grams of silver went down by Rs.85.73 to settle at Rs.2,186.2.
Like the local market, the price of gold in the international market went down by $4 to settle at $1,919 per ounce against its last-day price of $1,923 per ounce.
Downward Trend in Gold Price
After the recent announcement by the government against smuggling, hoarding and other corrective measures, the local currency against the dollar improved, resulting in a decrease in the price of gold in the local market. Earlier, at the beginning of this month, price of gold reached the second highest ever price of Rs 2,39,000 per tola, second to the Price of Rs 2,40,000 per tola in May 2023.
