- Gold yields huge gains trade below 150,000 rupees per tolu.
- Rupee rise triggers strong profit-taking in a precious metal.
- Gold price is 145,300 rupees per tolu.
KARACHI: Gold fell sharply on On Wednesday, when some investors closed their safe haven positions as the precious commodity succumbed to significant gains trade below Rs 150,000 per tolu in Rupee and Crude Oil Rally drop triggered heavy profit taking in a precious metal.
Gold slides under key technical levels around 145,000 rupees per tolu accelerated decline as investors liquidated some long positions.
price of gold, considered a safe haven, fell Rs 8,600 per tolu and Rs 7,373 per 10 grams to Rs 145,300 and Rs 124,571. in local marketdata published by All Sindh Sarafa and Jewelers Association (ASSJA).
Gold hit record high of 162,500 rupees per tolu on July 28th.
decline was in line with dealer expectations of in market undergo correction after scaling up to new peaks in previous sessions.
BUT spicy recovery of Pakistani rupee of over 9 rupees or 4% against United States dollar dimmed the shine of in yellow metal.
In total price of gold fell 14,300 rupees per tolu in in last three sessions (Monday-Wednesday).
it should note that gold price Costs below cost. Gold is cheaper by 2000 rupees per tolu compared to price in Dubai.
latest price for local markets were determined to keep in view prices at which they trade took place among buyers and sellers.
in international market bullion prices fell $14 an ounce to $1,766.
However, silver prices in interior market lost 20 rupees for tolu and 17.15 rupees for 10 grams to stop today at 1620 rupees for tolu and 1388.88 rupees for 10 grams.