KARACHI: The one tola domestic gold price witnessed a steep fall of Rs3,400 on Friday to Rs97,600, amid a massive drop in world price of the precious metal.
The 10 gram domestic gold price fell by Rs2,915 to Rs83,675.
All Sindh Saraf Jewellers Association (ASSJA) quoted international bullion rate at $1,689 per ounce, down by $49 per ounce compared to Thursday.
On Thursday, one tola and 10 gram gold price hit an all time high of Rs101,000 and Rs86,591 on the back of $14 per ounce jump in world gold price to $1,738.
According to a Reuters report, gold fell as much as 2 per cent on Friday after US President Donald Trump’s new guidelines to re-open the economy and encouraging early data related to a potential Covid-19 treatment drove investors towards riskier assets.
A representative of ASSJA said the recovery of rupee by two per cent against the dollar to Rs163 in interbank market was also a factor in bringing down gold prices locally. The association has been issuing daily rates despite closure of trading and shops during the ongoing lockdown.