Gold prices on Tuesday weakened by Rs 950 per tola and Rs 814 per 10 grams following a huge decline of $44.50 an ounce internationally, traders said. Now, the yellow metal is traded at Rs 21,500 per tola declining from Rs 22,450. Similarly, gold prices reduced to Rs 18,428 per 10 grams.
In the world market, the precious metal tumbled to $892 an ounce from $936.50 an ounce. Local traders linked a huge overnight decline in the gold prices with a bid by the international market players to fail the International Monetary Fund's (IMF) move of selling about 400 tons gold in the world market.
"Now it will be difficult for IMF to accomplish its plan of gold sale," they added. It is a transitory phase of gold price decline and soon upward change in it will be taking place in the market, traders were of the view.
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