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Gold falls Rs250 per tola in local market

KARACHI: Gold rates fell by Rs250 to Rs86,900 per tola in the local market on Friday, reported ARY News. 

The price of 10 grams of yellow metal decreased by Rs215 to Rs74,502.

In the global market, gold prices rose and were headed for their first weekly gain in a month, supported by a softer dollar and tensions in the Middle East.

Spot gold was up 0.4% at $1,505.06 per ounce, as of 0640 GMT, having risen about 1% so far this week. U.S. gold futures were up 0.5% at $1,513.5 per ounce.

“A weaker U.S. dollar is giving gold a little bit of an upward drift,” said Michael McCarthy, chief market strategist at CMC Markets, adding that “prices are still very much in the middle of a trading range and pinned to $1,500 level.”

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