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Gold prices continue to fall in domestic market

Gold prices continue to fall in domestic market

KARACHI: Gold rates extended a downward trend in the domestic market on Saturday as per tola price of yellow metal decreased by Rs500 to Rs112,400.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold decreased by Rs429 to Rs96,365.

In the international market, gold prices fell more than 1% on Friday and the metal was heading for a second straight weekly drop as the dollar continued its upturn, overshadowing bullion’s appeal as an inflation hedge after the U.S. president-elect proposed a new $1.9 trillion stimulus package.

Spot gold was down 1% at $1,827.90 per ounce by 1:49 p.m. EST (1849 GMT), having earlier declined as much as 1.3%, while U.S. gold futures settled down 1.2% at $1,829.90.

Earlier on January 15, the per tola gold price had witnessed a decrease of Rs150 to Rs113,000 in the domestic market.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad had said that the rate of 10 grams of gold decreased by Rs127 to Rs96,879.