KARACHI, May 13: The per tola gold bar price plunged by Rs1,200 to Rs54,800 on the local bullion market on the first post-election trading on Monday from Thursday’s Rs56,000.

Similarly, the price of 10-gram yellow metal also fell by Rs1,029 to Rs46,971.

The decline in domestic prices was caused by drop of $42 an ounce in world market in the last few days to $1,429 on Monday.

Bullion trade in the city remained suspended from Friday to Saturday due to general elections.

President All Sindh Sarafa Jewellers Association Haji Haroon Chand failed to understand the falling trend in gold prices despite the fact that euro and dollar did not show any strength on the global currency markets. “It is a temporary phenomenon,” he added.

He said that people were investing in gold bars but currently there were more sellers than buyers in view of market behaviour.

He said that jewellery sales had been slow as buyers were waiting for further decline in prices.

He said he could not anticipate any upward and downward domestic prices as much would depend on the international rates.