Staff Report
KARACHI:
Rising trend in gold prices on Thursday halted following sharp dip in global price of the yellow metal clipping 12 dollars per ounce.
The gold price fell 950 rupees per tola to 111,800 rupees per tola while 10 grams gold price dropped by 815 rupees to 95,850 rupees per 10 grams.
The downward correction was due to drop in global gold prices by 12 dollars to 1907 dollars per ounce.
Since the beginning of the current month the price in global markets has risen sharply. The journey in the global market commenced from 1765 dollars per ounce where in the domestic market the price one tola was quoted at 103,900 rupees. Since April 29 to May 26 the price of gold for one tola in domestic market rose by Rs 8850 while in the global market it went up by almost 154 dollars per ounce.
The gold price in Pakistani market mainly depend on rising trend in bullion price in global market and depreciation of Pakistani rupee versus dollar, a gold dealer said.
