Gold falls by Rs1,250 to Rs37,450 a tola

Sunday, December 06, 2009
By Samia Saleem

KARACHI: In one of the most significant crashes after months of continuous hike the bullion markets fell down to Rs37,450 per tola after a decrease of Rs1,250 on Saturday.

Gold prices fell due to stability in the value of dollar after the US banks increased their interest rates told Haji Haroon Chand, President of All Sindh Saaraf and Jewellers Association.

With this fall in price the local markets however still remain free of activity as customers now wait for further decrease in prices, he added.

The local markets also recorded a decrease of Rs1,071 per ten gram in value of gold making it Rs32,100.

In the international markets the yellow metal saw a fall of $44 per ounce reaching to $1,161 per ounce from the previous $1,205 per ounce.

The decline in gold prices has revived interest in buying of physical gold resulting in an over cost of Rs250 against the Dubai bullion mart the main supply hub for local bullion investors, said Chand.