A tola is now trading at Rs66,800
Gold price fell slightly, by Rs100 to be precise, on Thursday and remained at its lowest level in two weeks.
A tola is now trading at Rs66,800, according to data compiled by the All Sindh Saraf and Jewellers Association.
In a rather volatile week, 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. It fell again by Rs400 on Wednesday 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.
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 $1,296 per ounce in the international market.
In Pakistan, gold price hit its highest level of Rs68,000 per tola on December 20.