Gold continues to lose luster, traded at Rs 47,200 per tola today

Gold continues to lose luster, traded at Rs 47,200 per tola today

Plummeting gold price further dropped by Rs 800 per tola on Friday to Rs 47,200—new lowest record in the last four-years.

The yellow metal was traded at Rs 48,000 per tola in the domestic market on Thursday.

According to dealers, continuous drop in gold price is the result of downstairs growth of the price of the yellow metal in the international market and as an impact of government’s reduction in import tax on gold announced in the budget for Fiscal Year 2015/16.

Government has reduced the custom tax on gold import by Rs 100,000 per kg to Rs 320,000.

Source: MyRepublica