*ISLAMABAD – Gold Prices have registered sharp decline after hittinghistoric high in Pakistan.*
*Gold was traded at a two-week low of Rs66,000 per tola, according to thedata compiled by All Sindh Saraf and Jewellers Association.*
Gold prices have been volatile in the last week or so. The price of tolaappreciated sharply in the previous weeks and reached a historic high ofRs67,950 on Wednesday, December 19. However, it fell sharply in the daysahead of Christmas, dropping to Rs66,000 per tola, slightly above the levelof December 13.
Pakistani traders adjust gold prices based on price movements in theinternational market and fluctuation in the dollar rates as well as marketforces of demand and supply.
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The prices compiled by ASSJA come with a lag of a day after changes ininternational prices. Last week gold dipped slightly amid politicaluncertainty in the U.S. market. However, it rallied again on Christmas asdollar also fell—gold usually goes up when dollar falls as investors moveaway from dollar backed funds to gold and vice versa.
