Gold price falls by RS250 in global market

After hitting the historic high, the gold prices on Monday declined by Rs850 per ounce and currently trading at Rs88100.

The per ounce price of gold reached at 88,100 after witnessing a decrease of Rs850 while the price of 10 grams of gold also declined by Rs728 and currently trading at Rs75531.

On the other hand, the Pakistan Stock Exchange (PSX) witnessed bullish trend on Wednesday as the benchmark KSE 100 index gained 797 points to close at 29,562.

It must be noted that Gold prices on Friday reached historic high and traded at Rs89,000 per ounce after an increase of Rs600 per ounce.

According to Pakistan Jewelers Association (PJA) chairman Muhammad Arshad, the domestic gold price had been showing an upward trend because of an increase in the gold price in the global market, which has now reached $1515 per ounce.

Earlier, the price of 24 karat gold dipped by Rs900 and was traded at Rs83,100 per tola as compared to the last closing at Rs84,000.

The price of 10 gram gold also witnessed decrease of Rs771 and was traded at Rs71,245 against Rs72,016 of last day.

The price of silver however remained constant and was traded at Rs1110 per tola and that of 10 gram was traded at Rs951.64.

In international market the price of per ounce gold decreased by $24 and was traded at $1407 as compared to the last closing at $1431.

Gold prices within the country had decreased despite increase in global market.