Gold price retreats to Rs120,000 per tola

KARACHI: In line with the recent trend, gold price fell by Rs6,100 on Wednesday and was traded at Rs120,000 per tola, as compared to the previous day’s closing at Rs126,100.

The price of 10-gram tola also receded by Rs5,229 and was traded at Rs102,881.

This retreat in gold prices was due to a decline in the international market where gold prices fell by $55 and were traded at $1,933 after breaching $2,000 levels and attaining a record high of $2,075.

The price of yellow metal has witnessed an intense sell-off pressure since August 7, 2020, resulting in the biggest drop in gold prices since 2014.

Analysts believe that this is a correction in the gold prices and that they may rebound once the sell-off pressure settles. However, analysts believe that the reason behind the decline in gold prices is also the gains experienced in the dollar.

Ariba Shahid
The author is a business journalist at Profit

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