Gold prices decline by Rs700 per tola

After reaching consecutive record highs, gold prices come crashing down on Friday.

KARACHI: After reaching consecutive record highs, gold prices have come crashing down as Friday witnessed Rs700 decline in tola (11.7 grams) rates of the bullion, following declining global prices.

The precious yellow metal was valued at Rs43,000 per tola while ten grams rates were Rs36,857, a decline of Rs600 in one day. International bullion rates closed at $1327 an ounce, a decline of over $30 in a single day. President of All Sindh Sarraf Jewellers Association, Haroon Rashid Chand said that China has played a very pivotal role in the tremulous international bullion market.

Referring to the local market, Chand informed that while Sindh, and Karachi in particular, had some buying, Punjab had gone into a lacklustre attitude due to which gold prices were lower by an additional Rs100 and had closed at Rs42,900 per tola on Friday.

Published in The Express Tribune, October 9^th, 2010.