Gold prices shed Rs800 to fall to new record low

KARACHI: The price of yellow metal in the local market dropped to a new record low on Tuesday, in line with the downward trend in international prices.

Gold prices fell by Rs800 to Rs44,700 per tola (11.66 grams) – a new record low in the Pakistani market.

The fall in local market price follows a steep decline in the global market, where the precious metal has slumped to the lowest point in nearly five and a half years.

On Monday, gold tumbled to $1,072.35 in Asian deals, striking the lowest point since February 11, 2010, and breaching the key psychological barrier of $1,100, as the precious metal continued to be weighed down by a strong US dollar and reports of massive selling in China.

The metal is traditionally regarded by many investors as a safe store of value in times of economic or geopolitical turmoil.