Local gold falls by Rs650/tola following global downtrend

KARACHI: Following a decline the international market the gold shed Rs650 per tola (11.7 grams) in the local bullion market here on Thursday mostly owing to sluggish demand at existing levels, which are yet high enough for the most of the buyers, Geo News reported.

According to reports, a number of central banks around the world and Asian consumers purchased a lost of gold as its price came down globally.

The worth of gold has come down by around 17 percent since the start of year 2013. The international price of the precious metal now stands at $1,373 an ounce.

Pakistani markets also tracked the global downward trend and gold lost about Rs650 to close at Rs53,500 per tola.