KARACHI: The price of gold could not sustain its upward movement after going up by Rs428 per 10 grams and Rs500 per tola in the aftermath of Donald Trump’s win in the US presidential election.

The price of 10-gram gold has declined by Rs1,371 since Nov 9 as a result of the sharp fall in the international gold price to $1,208 per ounce. The global gold price went up by $20 per ounce on Nov 9 to $1,303 per ounce after the surprise win of Mr Trump.

According to the All Karachi Saraf and Jewellers Group, the 10-gram gold rate was Rs43,371 on Saturday, down 3 per cent from Rs44,742 on Nov 9.

The precious metal reached the highest price level in August when 10-gram gold sold at Rs46,157 based on the international price of $1,364 per ounce.

According to the Pakistan Bureau of Statistics (PBS), the country’s gold imports fell 48pc in quantity to 95kg and 51pc in value to $3.5m during the first quarter of 2016-17.

However, jewellery exports in July-September went up 15.5pc to $2m on a yearly basis.

Published in Dawn, November 20th, 2016