Gold prices decline significantly over week


Faryal Najeeb May 21, 2010

KARACHI: Gold prices declined by Rs558 per 10 grams in a week to Rs32,142 on Thursday compared to Rs32,700 last week.

The yellow metal’s tola (11.66 grams) was valued at Rs37,500 on Thursday, in a follow-up to the declining international prices. President of All Sindh Jewellers Association, Haroon Rashid Chand, said that the precious metal had lost its charm both for consumers and investors. He said that the market continued to remain cold despite gold’s value mostly declining over the week.

Chand said that consumers had searched for alternatives such as silver and artificial jewellery and therefore even the declining prices failed to attract them now. Gold prices had rallied to their highest on 12th May when prices had hiked sharply by Rs800 per tola to Rs38,300 in a race to catch up with international prices that had peaked at $1219 an ounce. Gold remained on the defensive in Europe on Thursday, the metal declined by a further one per cent to $ 1,185 an ounce.

Published in the Express Tribune, May 21st, 2010.

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