RAWALPINDI: April 23,2024: Gold crashed in the local market today (Tuesday) as speculators retreated following slow down of Israel ‘s massacre in Gaza . On Tuesday the gold prices decreased by Rs 6000 per tola in the local market that brought the rates of gold per tola to Rs 231500 . These rates had gone up to Rs 241000 per tola last week . On the pretext of escalations in Gaza war , the speculators had managed to create panic and give an impression that since Israel’s war on Gaza seems continuing for an indefinite period , gold is likely to go historically high in the global market. The speculators ,who make money in gold trade through various events like war in Gaza , also floated the buying spree of gold by some countries like China to create panic in gold market. The speculations worked to the expectations of market exploiters and it resulted in pushing of the international gold up to close to $ 2500 per ounce which was ranging close to $ 1900 per ounce just a few months ago. The artificial panic in the gold market had direct impact on Pakistan’s gold market . It pushed gold in the local market to Rs 250000/ per tola some weeks ago. It was, of course , an artificial market . There was hardly any trade of gold in Pakistan as the buyers knew it was an artificial panic and soon the gold rates will return to actual level. The gold smiths believe that surge in th gold market hurt their business as the buyers do not show up to buy this precious metal for the festive use when the rates surge irrationally. “There was hardly any business in the local gold market for months as the rates were unstable” said Yousaf Shah, a local gold smith while commenting on big down fall in this metal prices .
