The price of gold fell on Wednesday in Pakistan by Rs2,500 per tola marking a total drop of Rs16,800 in less than a month, all Sindh Saraf Jewelers Association compiled the rates.
According to all Sindh Saraf Jewelers Association, gold prices per tola fell by Rs2,500 to reach Rs115,200.
The price of the yellow metal reached a record high of Rs132,000 per tola on August 8 in Pakistan. Later, the price has fluctuated and dropped by Rs16,800 on Wednesday. The change in the price of gold in international markets brought a corresponding alteration in Pakistan’s markets.
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.