The price of gold decreased by Rs500 to Rs66,900 per tola on Wednesday, according to the tells the data compiled by the All Sindh Saraf and Jewellers Association.
This is yet another indication of unstable market, as the price is varied moving up and down in last few weeks. On Monday, the price of metal fell by Rs500 and rose by as much immediately the next day. Hence, the price remained same over a week.
The prices compiled by the ASSJA come with a little ate after making few changes in international prices. Pakistani traders sell gold by adjusting prices according to the international market, demand and supply and fluctuation dollar rates.
Gold usually increases its cost up when the dollar falls as investors move from dollar bucked funds to gold and vice versa.
Over last year, gold prices increased by 20%, according to the data compiled by the Pakistan Bureau of Statistics. The increase is due to many factors such as money value depreciation and increased demand.