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Gold rates fall Rs400 per tola

Gold rates fall Rs400 per tola

KARACHI: Gold rates, extending a downward trend, further decreased by Rs400 to Rs90,200 per tola in the local market on Friday.

According to details, per tola price of precious yellow metal settled at Rs90,200 for the day after the drop. Similarly, the price of 10 grams gold fell by Rs342 to Rs77,331.

On the other hand, gold prices were steady in the global market after two days of gains as equities lost ground, with the coronavirus that originated in China showing no signs of slowing down amid escalating fears of a broader impact on economic growth.

The metal, however, was still on track for its biggest weekly decline in three months as solid US economic data, including a drop in unemployment benefits, continued to underpin the greenback. Investors now await the non-farm payrolls data due later in the day.

Spot gold was little changed at $1,566.33 per ounce, as of 0819 GMT, down about 1.5% for the week. US gold futures were unchanged at $1,569.30 per ounce.