Gold prices witness decline in local market

KARACHI: The price of 24 karat gold decreased by Rs. 1300 on Tuesday and was traded at Rs. 122,500 as against its trading at Rs. 123,800 the previous day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs. 1114 and was traded at Rs. 105,024 against its sale at Rs. 106,138.

The price of per tola silver remained stable at Rs. 1500 whereas that of 10-gram silver also witnessed no change in price and was traded at Rs. 1286.

The gold prices in the international market decreased by $12 and were traded at $1930 on Tuesday against its sale at Rs. 1942 during the last trading day, the association reported.

On Monday, The gold rates in Pakistan had reached an all-time high, crossing the Rs123, 800-a-tola mark after an increase of Rs 1,300, according to the All Sindh Sarafa and Jewellers Association (ASSJA).

Gold rates indicate that the yellow metal rose Rs5,100, continuing its rally for the past couple weeks, with investors pouring in money as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.

On the other hand, the gold prices in the international markets shot up to $46 to $1,942, registering the highest rate since September 2011. Forbes has predicted that the prices of the yellow metal are expected to rise further to $2,000 an ounce.