Market experts are expecting slightly downward trend in the international and local gold prices as the rate of gold per ounce witnessed $3 dip on Friday to $1,050 from $1053 of Thursday. According to Haroon Rasheed Chand, President of All Sindh Saraf and Jewellers Association, the rate of per tola gold remained unchanged on Friday at Rs 31,100 in the local market due to short supply and higher demand for the precious metal.
"Despite a three-dollar slump in international market the gold rates in local market did not change due to shortage of supply and high demand," he said. He, however, forecast that there would be downward trend, slightly though, in the prices of gold in the international market due to factors like declining oil prices and improving value of dollar. Gold rates, as a trickledown impact, would also come down in the local market, the jeweller predicted.