The latest reports suggest that people have lost their purchasing power that has caused a bit fall in the price.
LAHORE: (UrduPoint/Pakistan Point News-August 11th, 2022) The Gold prices have fallen down due to decline in demand in the local markets.
The latest reports suggest that people have lost their purchasing power that has caused a bit fall in the price.
Gold has fallen Rs1,400 at Rs141,700 per tola while price of per 10 gram Gold has come down by Rs1,200 to Rs121, 485.
According to the reports, the rates of gold were Rs143,100 per tola and Rs122,685 per 10 grams on Wednesday.
The precious commodity accumilative has lost around Rs17,900 per tola since August 1.
Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.
The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.
It should be noted that the gold price is standing below cost. Gold is cheaper by Rs4,000 per tola compared to its price in Dubai.
In the international market, bullion prices rose by $4 per ounce to settle at $1,795.
The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.
Besides it, ilver prices decreased by Rs20 per tola and Rs17.16 per 10 grams to settle at Rs1,560 and Rs1,337.44 today in the local markets.
