Gold prices fall by Rs1,700 per tola in domestic market
- By Web Desk -
- Oct 29, 2020
KARACHI: Gold prices fell for the fourth consecutive day on Thursday, declining by Rs 1700 to Rs 111,700 per tola in the domestic market, ARY News reported.
Likewise, the rate of 10 grams of the yellow metal decreased by Rs1,371 to Rs95,764, said a representative of the All Pakistan Jewelers Association.
In the international market, gold witnessed a decrease of $18 and was traded at $1872 per ounce.
According to Reuters, gold steadied in a tight range on Thursday after falling 2% the previous day as caution crept in ahead of the U.S. elections, with bullion also contending with the dollar as a refuge for investors hedging risks from mounting COVID-19 cases.
Spot gold was flat at $1,877.01 per ounce by 1028 GMT. U.S. gold futures slipped 0.1% to $1,877.60.
Read More: Gold prices fall for third consecutive day
Earlier on October 28, registering the third consecutive day decline, the price of yellow metal had decreased by Rs 1200 in the domestic market.
The per tola gold price had witnessed a decrease of Rs1200 to Rs113,300 in the domestic market. Likewise, the rate of 10 grams of the precious metal had decreased by Rs1028 to Rs97,136, according to the Chairman All Pakistan Jewelers Association Muhamad Arshad.