The precious metal continues downward trend
Gold continued its downward trend and declined in value on Saturday.
The price of a tola decreased by Rs800 from Rs110,800 to Rs110,000.
Ehsan Mehanti, the CEO of Arif Habib Commodities said, “Gold has been on a downward slope amid the strengthening values of currencies, like the US Dollar and the Pakistani Rupee.”
Gold prices are dropping because of the news of the vaccine with the talk of global vaccination producing a negative pressure on the cost of the metal, said Mehanti. “The price of the dollar strengthened and a strong Rupee also produced downwards pressures on the price of gold.”
Rashid Ali, Head of Business Development at HG Markets said, “The price of gold is dropping internationally while the dollar is strengthening against the Rupee domestically. Meanwhile, Corona remains a factor throughout all this.” Any positive news on the vaccine front brings downward pressure on gold’s price, said Ali.