KARACHI, April 7: Gold prices tumbled by Rs360 to Rs6,095 on Monday from Rs6,455 per 10 grams since the US invasion of Iraq 18 days back.

On March 20, international gold price, which was 335.05 dollars per ounce on the start of war on the assumptions that the US-led war would be swift one, plunged to $320 per ounce on hopes that the coalition forces would soon capture Baghdad.

The rupee has gained 10 paisa against the greenback in the last 18 days, thus making no major impact on the cost of import.

Gold rates in local markets, which vary on the fluctuations of global bullion rates, are yet to see any boom in demand owing to falling prices as marriages are not taken place due to off-season currently.

Gold dealers said buyers would turn up after Rabi-ul-Awwal when marriage season kicked off with a bang.

Senior vice chairman, All Pakistan Gem Merchants and Jewellers Association (APGMJA), Raisuddin Shaikh, said gold markets were quite these days owing mainly to off-season of marriage coupled with uncertainty over war in the region.

To a query whether people or investors are piling up huge stocks for investment purpose to cash gold in times of rising prices, he said markets lacked such type of buying ecstasy. He said only genuine buyers were arriving in the markets these days.