Gold price drops by Rs 14,500 within two weeks in Pakistan

The price of gold fell on Thursday in Pakistan by Rs14,500 per tola since August 8 to reach Rs117,500, All Sindh Saraf Jewelers Association compiled the rates.

The price of the yellow metal reached a record high of Rs132,000 per tola on August 8 in Pakistan. The per ounce price in international markets also surge to a record high of $2,054.

The change in the price of gold in international markets brought a corresponding alteration in Pakistan’s markets.

Showing a declining trend, the rates of gold  have decreased by Rs14,500 per tola or 11% by now. Internationally, the per ounce price is fluctuating at $1,930.

Internationally, the prices of yellow metal have altered significantly since Russia announced a coronavirus vaccine after gold reached a record high.

Russia made the announcement of the COVID-19 vaccine, but it didn’t share details with the rest of the world. There are concerns regarding clinical trials of the vaccine and the success of its results.

The US-China trade tensions and the US elections by the end of this year have also been adding to the uncertainty.

Gold is considered a safe investment during uncertain times. The announcement of a vaccine from Russia was supposed to reduce the uncertainty prevailing globally due to the coronavirus pandemic.