The gold prices dropped in global and local markets amid market pressure on Friday on May 30.
The price of per tola in Pakistan has decreased by Rs 700, while in the global market it has decreased by $ 7 per ounce.
According to the data released by the All Pakistan Saraf and Jewellers Association, the price of gold per ounce in the global market has decreased by $ 7 to $ 3,302.
According to the Saraf Association, the price of gold per tola in Pakistan has also decreased by Rs 700, after which the price has come down to Rs 348,600, while ten grams of gold has become cheaper by Rs 599 to Rs 298,886.
According to the data, the price of silver per tola in Pakistan has remained at $ 3,380, and the price per ounce in the global market has remained at $ 33.22.
Read also: Chinese EV manufacturer reduces car prices by 34% to attract buyers
Chinese electric vehicle (EV) manufacturer BYD has announced a 34% price cut for its vehicles. The company has reduced the starting price of its most affordable car, the battery-powered Seagull hatchback, to 55,800 yuan (approximately $7,765), down from around $10,000.
According to Tu Li, managing director of Sino Auto Insights, other companies struggling due to BYD’s price cuts can no longer sustain the losses that result from these reductions. Competition is expected to intensify later this year, potentially putting pressure on startups such as Neta and Polestar.
Wei Zhenjin, chairman of Great Wall Motors, stated that China’s auto sector is in an untenable situation, as the price pressures are affecting the revenues of both car manufacturers and suppliers. Nevertheless, there are still some companies in the auto industry that have not yet failed.
Expert Michael Dunn notes that predictions of stability in China’s car market have been made for years, but the market continues to grow. While BYD’s price cuts may drive some weaker companies out of business, new entrants like Xiaomi and Huawei are consistently emerging in the industry.
