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Gold sheds Rs 90 per tola as dollar gains strength in world market

Gold sheds Rs 90 per tola as dollar gains strength in world market

LAHORE: Gold prices closed lower on Friday in the local markets as the precious metal suffered losses in the global trading at the hands of a rising dollar.
After witnessing a decrease of Rs 90 per tola (11.644 grams), gold prices for 24 karat closed at Rs 49,090 as compared to Thursday rates of Rs 4,9100 in city gold markets.
However, 22 karat gold metal prices recorded a decline of Rs 80 per tola and closed at Rs 48,820. Dealers waited for a positive change in the international market rates as most of the financial analysts anticipate price rise next week, Khuram Shahzad of Butt Chandiwala Jewellers said. He said that most of the stockholders who made buying at high rates were still waiting for a rise and reluctant to sell their stock. On the other hand, general public is expecting another dip in the prices as it happened many times during the previous weeks, he added.
No change has been witnessed in the silver prices which closed at Rs 750 per tola for 24 karat at the previous rates. However, 22-karat silver (silver thobi) with a decrease of Rs 5 closed at Rs 675 per tola.
In the international market, gold prices on Friday evening closed at $1293.90 per ounce with a decrease of $1.10 per ounce. While, silver prices finished at $19.38 per ounce after shedding $0.17 per ounce.
Dr Babar Bin Dilawar reiterates his previous anticipation that uneven trend in gold pricing likely to continue in the global market as no fresh economic data will be released. He said that a weaker dollar made dollar-priced gold more attractive to buy for holders of other currencies and this would also certainly affect local market.
Irfan Qureshi said that it was surprising that the dollar rallied on the heels of the rather bearish nature of reports on Friday, adding that absence of controversy involving Iran, North Korea and the Middle East deprived the bulls of an upturn in gold prices.
As far as silver price is concerned, he said silver market was holding onto gains, although small ones, during the first session in global trading despite gold’s choppy moves but settled lower on the day.