ISLAMABAD: After a significant increase of over Rs 600 last day, the price of per tola 24 karats of gold witnessed a negligible decline of Rs 200 to settle at Rs206300 as compared to Rs206500 last day.
Despite a significant appreciation of the local currency against dollar, price of the yellow metal didn’t decrease to the predicted level, might be due to the increase in price at international level.
Meanwhile according to All Pakistan Gems and Jewellers Association the price of 10 grams of 24 karats of gold also recorded a decrease of Rs171 to settle at Rs176,869.
Unlike the local market, price of the precious metal in the international gold market went up and recorded an increase by $13 to settle at $1,972 per ounce against $1,959 last day.
Fluctuation in Gold Price
The recent mild decrease of the yellow metal in the local market is attributed to the continues increase in the international market. Last day price of gold in the international market went up by over $45, followed by another increase on Thursday. Despite appreciation of the local currency on Thursday, price of the gold in the local market witnessed a mild decrease.
Due to high price in the international market, price of gold in the local market witnessed continues fluctuation. Before June this year, it reached the highest ever price of Rs2,40000 per tola. However, in the middle of July the price declined to Rs2,05000 per tola. The rates came down further after appreciation of the local currency against dollar and the recent crackdown by the government against hoarding and smuggling. However last couple of days witnessed a significant increase in the price of gold.
