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Summary Gold price has drastically dipped in local market by whopping Rs 4,000 per tola.
The plunge has served a severe blow to many a seasonal investor who had purchased gold on the heels of rise in the process of gold locally and internationally. A report said such investors have lost billions with the decline in price.The All Pakistan Jewellers Association says the gold price has decreased by Rs 4,000 to reach Rs 57,000 a tola. Earlier, gold price had hit all-time high of Rs 62,000 a tola.In the world market, gold prices tanked, down more than $150 in two days, as durable goods orders jumped in July and gold investors rushed for the exits.Gold for December delivery plummeted $104 to close at $1,757.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,856.80 and as low as $1,761.10 during Tuesdays session, while the spot gold price was down $66.80, according to Kitcos gold index.
