Gold prices witness steep decline in local market

Gold price ups by Rs1,850 per tola in Pakistan

KARACHI: The price of 24 karat gold decreased by Rs. 200 on Saturday and was traded at Rs. 111,800 against its price at Rs. 112,000.

Similarly, the price of 10 grams of gold also decreased by Rs. 172 and was traded at 95,850 against its sale at Rs. 96,022.

According to the Karachi Sarafa Association report,  the price of per tola and ten-gram silver remained stagnant at Rs. 1200 and Rs. 1028.80 respectively.

The gold prices in the international market decreased by $10 and were traded at $1900 against $1910, the association reported.

“A stronger equity market is attracting investors more and that is erasing all the positive effects of a weaker dollar on gold,” said Commerzbank analyst Eugen Weinberg.

European shares gained, with investor confidence boosted by Washington and Beijing stating they were both dedicated to their Phase One trade agreement and some renewed hopes about the production of COVID-19 vaccines.

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