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Gold prices edge lower

Gold prices edge lower

KARACHI: The gold prices on Friday decreased by Rs 150 per tola in the local market and currently trading at Rs 98,250.

Likewise, the rate of 10 grams of the yellow metal decreased by Rs126 to Rs84,233 in the local, according to All Pakistan Jewellers Association.

Meanwhile, gold prices rebound in the international market as fears regarding the resurgence of coronavirus infections and grim economic outlook by the U.S. Federal Reserve boost demand for bullion, leading the yellow metal towards its biggest weekly gain since April.

Spot gold gained 0.3 per cent to $1,732.91 per ounce by 1008 GMT, and has jumped about 2.8 per cent so far this week, which could be its biggest gain since early-April.

Earlier on June 10, the per tola gold price had witnessed an increase of Rs400 to Rs98,150 in the domestic market.

The 10-gram domestic price had risen by Rs343 to Rs84,127, according to All Pakistan Jewellers Association.

Meanwhile, gold had risen for a third straight session on Wednesday, helped by a weaker dollar and on expectations the Federal Reserve would  maintain its accommodative policy to support the U.S. economy through the coronavirus crisis.