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Gold prices fall in local market

KARACHI: The price of gold dropped by Rs50 per tola in the domestic market on Saturday.

A tola of yellow metal reached Rs110,350, according to rates shared by Chairman of the All Pakistan Jewelers Manufacturers Association Muhammad Arshad.

Similarly, the rate of 10 grams of gold dropped by Rs33 to Rs94,607.

According to Reuters, the gold prices eased in the international market as equities rallied, although dollar weakness and a sharp slowdown in U.S. jobs growth in November spurring hopes of additional stimulus aid set gold on track for its first weekly gain in four.

Spot gold was down 0.3% at $1,835.00 per ounce, having hit its highest since Nov. 23 at $1,847.76 earlier. U.S. gold futures were down 0.2% at $1,837.90.

Silver was steady at $24.07 an ounce and was set to climb about 6% for the week.


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