Pakistan gold prices follow declining trend

Gold rates in Pakistan dropped on Thursday in major bullion markets of the country as the metal continued its downward trend in the international markets.

Gold prices in Karachi went down by Rs 400 per tola and recorded at Rs. 60,400 per tola (11.66 grams). The price of 10 grams gold was also declined by Rs 343 to Rs. 51,771.

The price of yellow metal in international market is declining steeply amid rebound in international stock markets and the job plan offered by Barack Obama is under consideration. Moreover, the major players of Europe are also striving hard to resolve debt crisis to save the vulnerable economies.

On the other hand, silver price recorded at Rs. 1,114 per 10 gram. The London gold-1500 also remained lower at $1782.00.

In International market, Gold slipped 1 percent in volatile trade on Thursday after equities rose on optimism over tentative steps by European policy makers to resolve and limit the region’s debt crisis.

Spot gold fell $12.01 to $1,808.09 an ounce extending losses from the previous session. Gold’s failure to revisit recent highs also prompted investors to trim positions and turn their attention to a series of economic data from the United States ahead of next week’s meeting of the Federal Reserve’s Federal Open Market Committee (FOMC).

Posted by VBN on Sep 18 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry