Gold prices witness steep decline in local market

KARACHI: The per tola gold price on Wednesday registered a decrease of Rs800 to Rs106,400 in the domestic market, ARY News reported.

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 Rs680 to Rs91,220 today.

In the international market, gold prices edged up on Wednesday to hover below a two-week high hit in the last session, as markets waited for the conclusion of the U.S. Federal Reserve’s two-day policy meeting for its outlook on the economy and interest rates.

Spot gold was up 0.3% at $1,736.23 per ounce, having touched a level unseen since March 1 at $1,740.90 on Tuesday.

U.S. gold futures  were up 0.3% at $1,735.20.

In other metals, silver was flat at $25.96 an ounce. Palladium fell 0.7% to $2,481.47, having hit a one-year high of $2,520.31 on Tuesday, and platinum eased 0.5% to $1,206.