The price of gold has increased by $20 per ounce in the international market, but a historic decline has been recorded in the United Arab Emirates.
In the international market, the price of gold per ounce increased by $20 to $1,886 on Saturday, due to which the price of gold has increased worldwide, including in Pakistan. There has been a decline.
Gold prices in the UAE have fallen to a historic low of four dirhams per gram, with further declines likely.
According to Arab media, a big drop in gold prices has been seen in the United Arab Emirates at the beginning of this week. The price of one gram of 24-karat gold rose to 216 dirhams from 220.75 dirhams earlier.
Similarly, the price of 22 carat gold decreased by 3.75 per gram to 204.05 dirhams. The price of 21 carat gold dropped by 3.05 dirhams to 198 dirhams per gram.
Also, the price of 18 karat gold fell by 3.25 dirhams to 179.75 dirhams per gram. Despite the drop in gold prices, the number of buyers did not increase in Sarafa Bazaar.
Shopkeepers say that only foreign tourists are currently buying gold, while local buyers are waiting for further price cuts.
A showroom manager said the drop in gold prices has had a positive effect. Jewelery purchases have increased but are still limited. Hopefully, the prices will come down further, after which the number of customers will also increase.
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