Gold falls Rs500/tola to Rs109,350

KARACHI: The prices of one tola gold decreased Rs500/tola to Rs109,350, while the rates of 10 grams fell Rs450 to Rs93,750, respectively in the local market on Tuesday.

In the international market, the bullion rates slumped $13 to $1,796/ounce.

Talking to BOL, All Sindh Saraf Jewellers Association president Haji Haroon Rasheed Chand said: “This is a temporary fall in gold prices, while gold will go up in [the] days to come. Gold witnessed a fall in the international market, that’s why it impacted [the] local gold prices.”

Society Jewellers Welfare Association Tariq Road vice president Abdullah Abdul Razaq attributed a sharp decline in the gold prices to stability of the Pakistani rupee and lacklustre activity in gold in the international market.

Local dealers said the new wave of Covid-19 kept the buyers, especially women away from the markets, while the trade activities almost came to a standstill due to the strict enforcement of the Standard Operating Procedures.

However, silver prices remained stable, as one tola silver is being sold at Rs1,460, while the price of 10 grams silver stood at Rs1,251.71 in the local market.

In the international market, silver prices remained at $25.13/ounce.

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