After hitting historic high, Gold prices fell sharply in Pakistan

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After hitting historic high, Gold prices fell sharply in Pakistan

*ISLAMABAD - Gold Prices have registered sharp decline after hitting historic high in Pakistan.*

*Gold was traded at a two-week low of Rs66,000 per tola, according to the data compiled by All Sindh Saraf and Jewellers Association.*

Gold prices have been volatile in the last week or so. The price of tola appreciated sharply in the previous weeks and reached a historic high of Rs67,950 on Wednesday, December 19. However, it fell sharply in the days ahead of Christmas, dropping to Rs66,000 per tola, slightly above the level of December 13.

Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.

The prices compiled by ASSJA come with a lag of a day after changes in international prices. Last week gold dipped slightly amid political uncertainty in the U.S. market. However, it rallied again on Christmas as dollar also fell—gold usually goes up when dollar falls as investors move away from dollar backed funds to gold and vice versa.