Gold Prices Fall Down By Rs1,400 In Local Markets
Abdullah Hussain (@Abdulla99267510) Published August 11, 2022 | 06:57 PM
The latest reports suggest that people have lost their purchasing power that has caused a bit fall in the price.
LAHORE: (UrduPoint/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.
Related Topics
Recent Stories
Russia targets Ukraine railways as Western aid due to arrive
Football: French Ligue 1 table
Miner Anglo American rejects BHP's near $39-billion takeover bid
115 held for selling roti at higher rate
New Zealand cricket CEO visits PSCA, expresses satisfaction over security arrang ..
NAB Lahore holds open court, promises compensations for victims
2 injured over money dispute
At least 10 people killed in Brazil fire: officials
'Transforming Punjab Agriculture' plan to help develop farm sector on modern lin ..
Chairman PRCS engages in humanitarian collaboration with ambassador of Morocco
US stocks rebound on tech earnings, London hits new record
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
More Stories From Business
-
US stocks rebound on tech earnings, London hits new record
16 minutes ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
16 minutes ago -
SBP to announce monetary policy on April 29
16 minutes ago -
50pc cut in subsidy of BRT service likely: CM’s aide
1 hour ago -
PSX gains 771 points
2 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
3 hours ago
-
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
2 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
3 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
3 hours ago -
SBP to announce monetary policy on April 29
2 hours ago -
London stocks hit new record peak on takeovers
2 hours ago -
Rupee sees slight recovery against US dollar
2 hours ago