April 17, 2013
Gold price has receded by Rs 5600 per tola on the local market during the last five days to Rs 53,500, traders said on Tuesday. “Since last Friday, the prices of gold started declining which reached two-year low mark of Rs 53,500 per tola,” said a bullion trader, Hanif Chand.
During the week, the gold price witnessed Rs 3000 per tola cut in a single day trading, he said, adding that the slump in bullion price started from last Friday. The global price of gold went down by $171 an ounce during the period to $1410, he pointed out. “Today prices are unchanged at Rs 53,500 per tola and Rs 45,863 per 10 grams on local market,” he said fearing “the uncertainty may scale down gold businesses growth”.
“At present there is stagnation as people are expecting further reduction in gold prices to capitalise on the situation to find chances for savings,” he added. He also cited the unanticipated slowdown in Chinese economy behind the global slump of gold price, which also hit the local market. Source Business Recorder
Published: Zarai Media Team