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Gold prices down Rs770 per tola

KARACHI: The per tola gold price witnessed a decrease of Rs770 to Rs114,500 in the domestic market on Tuesday, ARY News reported.

Likewise, the rate of 10 grams of the precious metal decreased by Rs659 to Rs98,165, according to the Chairman All Pakistan Jewelers Association Muhamad Arshad.

On the other hand in the international market, a Reuters report said that gold prices rose on Tuesday as a weaker dollar and a fresh wave of coronavirus infections threatened to further slow down a global economic recovery from the COVID-19 pandemic, bolstering bullion’s safe-haven appeal.

Spot gold was 0.1% higher at $1,903.16 per ounce by 0801 GMT. U.S. gold futures were steady at $1,906.50.

Elsewhere, palladium gained 1% to $2,374.88 per ounce, while platinum was up 0.9% at $877.34.

Palladium prices could test $2,600 by mid-2021 bolstered by market tightness and stimulus measures, UBS analyst Giovanni Staunovo said in a note.

Silver rose 0.5% to $24.44 per ounce.

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