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Gold down as international prices fall

A tola is Rs400 cheaper and is trading at Rs66,900

SAMAA | - Posted: Jan 14, 2019 | Last Updated: 3 years ago
Posted: Jan 14, 2019 | Last Updated: 3 years ago

A tola is Rs400 cheaper and is trading at Rs66,900

The price of gold fell by Rs400 over the weekend following a dip in international prices of the precious metal.

A tola was trading at Rs66,900 on Monday, according to data compiled by the All Sindh Saraf and Jewellers Association.

Gold saw several price movements up and down last week, falling by Rs600 on January 7 and then surging again by Rs200 the following day. It fell again by Rs500 over the next two days before reaching its current level at the end of the week.

The prices compiled by the ASSJA come with a lag of a day after changes in international prices. 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: In a volatile week, gold prices surge again

Gold usually goes up when the dollar falls as investors move away from dollar-backed funds to gold and vice versa.

Last year, gold prices increased by 20%, according to the data compiled by the Pakistan Bureau of Statistics (PBS). This was in line with international trends where gold continued to surge and reached a seven-month high. When this report went online, gold futures were trading at $1,292 per ounce in the international market.

In Pakistan, gold prices hit their highest level of Rs68,000 per tola on December 20.

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