The price of gold decreased by Rs500 to Rs66,900 per tola on Wednesday, according to the data compiled by the All Sindh Saraf and Jewellers Association.
In yet another volatile week, gold prices moved up and down by the same margin. On Monday, the precious metal fell by Rs500 and before rising by as much the next day. It fell by the same margin on the following day to reach their current level.
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.
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. 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 $1,288 per ounce in the international market.
In Pakistan, gold prices hit their highest level of Rs68,000 per tola on December 20.