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Gold prices at over 3-year low, drop 35.8pc to $1,169 from $1,821 in 2011

Gold prices at over 3-year low, drop 35.8pc to $1,169 from $1,821 in 2011

KARACHI: Pakistan retail market has fallen after the gold prices in international market have witnessed 35.8 per cent decline to reach over the last three years low and dropped to $1,169 from $1,821 in August 2011.

While international gold prices are down by 12% in dollar terms since the end of June, the value of 10 grams of 24K gold in Pakistan’s retail market has decreased by about 5% since the start of the fiscal year.

The price of gold is inversely proportional to that of the dollar, as it tends to decline if the US currency gains strength.

All Sindh Saraf and Jewellers Association President Haroon Rasheed Chand said that the price of 10 grams of 24K gold to hover around Rs38,600 by the end of 2014.

According to the latest quarterly data released by the World Gold Council (WGC), total global gold demand in the third quarter of 2014 clocked up at 292.3 tonnes, down 2.4% from the same quarter of 2013. In dollar terms, the year-on-year decline in the global demand for gold remained 5.7% in July-September.

Similarly, gold supply in the international market in July-September remained 1,047.5 tonnes, down 7.2% from the same quarter of the preceding fiscal year.