Gold loses shine, price plunges by Rs2,800 in Pakistan
Published February 25, 2022
- Bullion prices record a decrease of Rs2,400 per 10 grams.
- Investors are closely watching developments regarding Russia-Ukraine crisis.
- Silver prices in the domestic market decline by Rs20 per tola.
KARACHI: Gold lost its shine, as it declined by Rs2,800 per tola to Rs127,500 in Pakistan on Friday in line with global markets.
Bullion prices in the local market recorded a decrease of Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs127,500 per tola and Rs109,311 per 10 grams.
It receded $72 per ounce to around $1,900 in the international market, according to All Sindh Saraf Jewellers Association (ASSJA).
A gold dealer said global politics heavily affect gold prices. Prior to Russia and Ukraine conflict, the trade war between the US and China had affected the commodity rates in the international market, and the local market gets direct effect from it, he added.
He said that investors are closely watching developments regarding the Russia-Ukraine crisis.
It is pertinent to mention that the gold rates in Pakistan are around Rs3,500 below the cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market declined by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs1,470 per tola and Rs1,260.28 per 10 grams.
