KARACHI: The local gold prices on Saturday saw some gains but the global bullion value has declined close to $2500 an ounce, traders said.

After a day of closure due to rains, traders released the weekend gold prices, which rose by Rs1, 000 to Rs262, 500 per tola and by Rs857 to Rs225,051 per 10 grams.

However, the international lost gold bullion value by $13 to $2, 503 per ounce while silver was selling for $29 per ounce, traders said.

The domestic silver prices continued to sell at Rs2, 950 per tola and Rs2, 529.14 per 10 grams. “Speculative trading manipulates the gold value on the local market,” traders said.

The open market demands only for gold buying at significantly higher price of Rs266, 300 per tola, comparatively to that of the All Sindh Saraf Jewellers Association, traders said.

“The market is focused on buying gold and shows reluctance to sell, even purchasing at higher rates in anticipation of future gains,” they added.

Copyright Business Recorder, 2024