Gold price tumbles in Pakistan, international market thumbnail

Gold price tumbles in Pakistan, international market

Gold price in Pakistan dropped by Rs200 per tola as the bullion price settled at Rs126,000 on Wednesday.

According to the rates compiled by All Sindh Sarrafa
and Jewellers Association, in the international market, the price of precious
metal slumped by $21. An ounce of 24-k gold is now selling at $1,796.

A day earlier, it recorded a jump of $12 per ounce.

In the domestic market, the price per 10-gram of
gold decreased by Rs171 to Rs108,025.

Gold is considered to be the “world’s recognized safe-haven”
but it has been extremely volatile since the pandemic and this become apparent
with the outbreak of the COVID variants.

It reached an all-time high of $2,074 an ounce in August 2020 and a five-month high of $1,874 per ounce on November 16. Gold jumped to the record high of Rs132,000 per tola on October 26 in Pakistan.

Silver remains unchanged

Silver price, on the other hand, remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams on November 22.

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