Gold price on Friday went down slightly, by Rs 107 per 10 grams, to Rs 19435 per 10 grams from Rs 19542, in the local market following a decline of $3.5 an ounce in the yellow metal price in the world market where the commodity was traded at $945 an ounce, traders said.
As a result, its per tola price slid by Rs 125 to Rs 22675 from Rs 22800, they added. In other cities, per tola gold price was a little higher, by Rs 25, as compared to Karachi bullion market. It was traded at Rs 22700 per tola in Lahore, Multan, Faisalabad, traders said.
Silver, however, posted a slight increase, of Rs 10 per tola. It was traded at Rs 440 per tola against previous Rs 430 per tola. Silver is now available at Rs 377 per 10 grams, surging from Rs 368 per 10 grams, they added.
There are chances of further decline in gold prices in the world market, yet a sudden surge could not be ruled out either, said Haroon Rashid Chand, president of All Sindh Sarraf & Jewellers Group.
He said that huge selling and speculation in the world market were still there and the market, after fall, had the ability to bounce back strongly. There is an opportunity for local investors to put their capital in gold trading with prospects of further increase in the precious metal prices, he suggested. "Gold is no longer being traded under-cost at local market," he added.