Karachi: Gold price in Pakistani market plunged to a four-month low the prices continued to slide in International market on Wednesday, by $21.04 to $1,585.95 per ounce.
Haji Haroon Chand, the President All Sindh Sarafa Association, told this correspondent that bullion lost Rs1071 to end at Rs47,014 per 10 grams in the local market.
Moreover per tola (11.664grams) price of the precious metal also fell by Rs1250 to close at Rs54,800.
The sell-off in the gold price was driven by escalating euro zone sovereign debt concerns, which put considerable pressure on financial markets in Asia, Europe, and North America. Silver retreated in conjunction with the price of gold, by $0.62, or 2.1%, to $28.93 per ounce.
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