Gold price falls by Rs400 per tola


Faryal Najeeb May 05, 2010

KARACHI: Gold price fell by Rs400 to Rs36,700 per tola (11.6 grams) on Wednesday as international market dropped amid a stronger dollar.

The price of the yellow metal declined by Rs342 to Rs31,458 per 10 grams in the local bullion market. All Sindh Sarraf Jewellers Association President Haroon Rashid Chand said that it was a welcome sign for local dealers as they had been worried since the metal had started climbing. Chand said that activity in bullion markets across the country was low as gold was still at very high levels and many people could not afford it. “However, the relief in prices will hopefully help us to revive some business.”

In the international market, gold prices dropped to $1,169 an ounce as the dollar got stronger. Precious metals continued to fall on Wednesday as the euro plunged to successive oneyear lows amid threats of economic crisis in the European Union.

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