Gold prices fall in domestic market
KARACHI: Gold prices continued to fall for the third straight day on Friday as per tola price of yellow metal registered a decline of Rs1,050 to 110,900 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 Rs819 to Rs95,078.
In the international market, gold slipped as the dollar rebounded on Friday while platinum took a breather after expectations of a rebound in industrial demand drove a rally to a more than six-year peak and put it on course for its best week in two months.
Spot gold lost 0.5% to $1,816.40 an ounce by 1221 GMT and U.S. gold futures were down 0.6% at $1,816.30, according to Reuters.
“The inverse relationship between gold and the dollar has been strong recently and the rebound in the dollar has had a negative impact,” said David Madden, market analyst at CMC Markets UK.
Earlier on February 11, gold prices had extended a downward trend in the domestic market for the second consecutive day on Thursday as per tola price of yellow metal decreased by Rs100 to Rs111,850.
Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad had said that the rate of 10 grams of gold decreased by Rs81 to Rs95,898.