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Gold falls to a two-week low of Rs66,900

The price of gold fell by Rs400

SAMAA | - Posted: Jan 9, 2019 | Last Updated: 3 years ago
SAMAA |
Posted: Jan 9, 2019 | Last Updated: 3 years ago

The price of gold fell by Rs400

 

In a rather volatile week, gold prices fell to a two-week low on Wednesday, according to data compiled by the All Sindh Saraf and Jewellers Association. 

The price of gold fell by Rs400 as a tola was trading at Rs66,900 on Wednesday in a week that remained very volatile in terms of price fluctuations.

The precious metal saw several price movements in the past few days, falling by Rs600 on Monday and then surging again by Rs200 on Tuesday before reaching its 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.

Related: In a see-saw movement, gold prices rise 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 20%, according to 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 $1,283 per ounce in the international market. 

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

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