A tola now sells for Rs116,400
The price of gold dropped by Rs2,100 per tola to reach Rs116,400 Monday, according to the All Sindh Saraf Jewelers Association (ASSJA).
Gold reached a record high of Rs132,000 per tola in Pakistan on August 8. Its price has since dropped by Rs15,600.
An ounce of gold reached a record high of $2054 in the international market earlier this month. The change in its international price brings about a corresponding change in the Pakistani market.
But it has since shown a declining trend. The international price of an ounce of gold is fluctuating at $1930.
Gold prices have fluctuated significantly after Russia announced it had prepared the Covid-19 vaccine. The yellow metal is considered a safe investment during uncertain times. The announcement of the vaccine was supposed to reduce the uncertainty prevailing globally due to the pandemic.
Although Russia made the announcement, it didn’t share any details with the rest of the world. There are concerns regarding clinical trials of the vaccine and its results.
The US-China trade tensions and the US elections by the end of this year have also been adding up to this uncertainty. All these bits of information have resulted in fluctuating the gold price.