Domestic gold prices have plunged by Rs4,000 per tola since March this year on the back of falling world prices and rupee’s appreciation against the dollar.
On Wednesday prices dropped by Rs600, to Rs47,900 per tola compared to Tuesday’s rate, and by Rs517, to Rs41,054 per 10 grams. International price dropped by $13 an ounce to $1,252 from Tuesday.
Karachi Saraf and Jewellers Group’s president, Haji Haroon Rashid Chand, said gold price shed by Rs900 per tola in the last two days. He recalled that the highest rate of yellow metal this year was Rs52,000 per tola recorded in March.
The fall of Rs4,000 per tola since March this year may have proved a sigh of relief for many families who have been purchasing on spot finished jewellery sets in the ongoing marriage season or placing advance orders.
