KARACHI: The price of gold on Friday slumped to Rs53,500 per tola by losing Rs 3000 in the local market, traders said.
The yellow metal price on Monday dipped record five years’ lowest price of Rs 53,500 per tola.
Gold was available for Rs48,425 per 10 grams a day before, which fell by Rs2,565 to Rs45,463.
They said that Cyprus and International Monetary Fund (IMF) had announced brought their gold reserves in the market which could be a major reason behind the fall in the prices the precious metal.
They added that the price could fall more in coming days.
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