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Gold price falls by Rs2,200 per tola in local market

Gold price falls by Rs2,200 per tola in local market

KARACHI: Gold rates fell by Rs2,200 to Rs94,250 per tola in the local market on Tuesday.

Likewise, the price of 10 grams of precious yellow metal registered a drop of Rs1,886 and traded at Rs80,804.

Meanwhile, gold prices in global market also witnessed decreased of $39 per ounce and was being traded at $1641 per ounce, over the impact of the coronavirus outbreak on the global economy.

Yesterday, the gold price was up by Rs 2000 increase to hit an all-time high of Rs96,300 per tola in the local market.

Spot gold rose to $1,684 per ounce after hitting its highest level since Feb. 13, 2013 with 40 dollars per ounce hike. Bullion risen 4% in previous week, on track for its best week since late June.

“Markets are once again anxious because the coronavirus outbreak is possibly spreading outside China. There is huge amount of safe-haven demand as economic slowdown in China, Japan and Germany is expected to persist in the first half of the year,” said Edward Moya, a senior market analyst at broker OANDA.