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In a see-saw movement, gold prices go up again

A tola increased by Rs1,000 only a day after hitting its lowest level in two weeks

SAMAA | - Posted: Dec 27, 2018 | Last Updated: 3 years ago
Posted: Dec 27, 2018 | Last Updated: 3 years ago

A tola increased by Rs1,000 only a day after hitting its lowest level in two weeks

Photo: AFP

In a see-saw movement, the price of gold increased by Rs1,000 on Thursday, putting an end to its downward slide of the last three days, which saw bullion prices reach their lowest level in two weeks.

A tola is now trading at Rs67,000, according to data compiled by the All Sindh Saraf and Jewellers Association, down from the previous day’s tally of Rs66,000.

Gold prices hit their highest level of Rs68,000 per tola on December 20 before falling back down in the next few trading sessions. Gold prices have been volatile particularly this week as the see-saw movement saw it go up by Rs1,000 on Wednesday before it fell back by as much next day.

Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.

Related: Dollar stable at Rs139

The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Last week, gold prices dipped slightly amid political uncertainty in the US market. However, it rallied again on Christmas as the dollar also fell — gold usually goes up when the dollar falls as investors move away from dollar-backed funds to gold and vice versa.

When looked at in the longer context, rupee depreciation, international price and local demand has been driving the gold rates up. For example, gold prices increased by more than 8% in the last three months. The trend may hold for a while given the uncertainty around the rupee-dollar exchange rates.

When this report went online, gold futures were trading at $1,270 per ounce in the international market, their highest level in the last six months. However, this was $6 below the previous day’s tally.

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