Hi Everyone! Hope you are all doing well. Welcome back to another blog. In this blog, we will talk about, Major Fall in Gold Prices. As we all know that the price of gold is gradually increasing and decreasing in the month of May, especially in the last 2 weeks. Now again yesterday, on Monday again there is a major fall of PKR 1700 in the gold price per tola. So, now the current rate of 24 carats of the gold price is PKR 2,34,500 per tola.
A report by Al Sarafa Gems and Jewelers Association (APSGJA), per tola price of 24 carats of gold is decreased by 1700 rupees and is now settled at Rs. 234,500. While the per 10 grams of 24 carats of gold is decreased by 1457 rupees and is now settled at Rs. 201,04.
As the month of May starts gold prices are increasing gradually and at high rates. Almost it increases by Rs. 20,000 at the start of the month. So, that in start the gold price is near Rs. 240,000. That’s very high so that it not came within the reach of common people. Then as the month slips, the gold prices are also decreasing, but not at the same rate as they are increasing. Now, till the end of the month, the gold prices are revolving around Rs. 235,000.
While if we look at the international market of gold, the prices are not increasing or decreasing they are still standing at $1,946.28 per ounce by 1351 GMT. On the other hand, in the US gold market, the price of gold increases at a rate of 0.1% which is a minimal increase. So, now in the US market, the price of gold is standing at $1,945.50.
As we know that in the month of may start to end, gold prices are continuously facing down and falling. As in the previous week, we observed collectively there is a decrease of 900 rupees per tola. While in the week before the previous week, prices decrease. We observed a downfall of 1300 rupees per tola in the gold prices.
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