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Gold prices drop in domestic market

KARACHI: Gold prices fall in the domestic market as per tola price of yellow metal registered a decline of Rs900 to 110,300 in the local 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 Rs772 to Rs94,564.

In the international market, Gold slipped to its lowest in over two months on Wednesday as surging U.S. Treasury yields and a firmer dollar continued to take a toll on the metal.

Spot gold was down 0.2% at $1,790.90 per ounce by 1244 GMT, having hit its lowest since Dec. 1 at $1,782.40.

Platinum, used in catalytic converters for vehicles, fell 2.5% to $1,230.36, well below Tuesday’s high of $1,336.50, a peak since September 2014.

Read More: Pakistani rupee strengthens against US dollar

Palladium declined 0.8% to $2,364.03, while silver eased 0.3% to $27.14.

On the other hand, the Pakistani rupee continued to strengthen against the United States (US) dollar on Wednesday as it appreciated by 28 paisa against the greenback in the interbank.

According to the State Bank of Pakistan (SBP), the dollar closed at Rs159.26 against the local currency as compared to yesterday’s closing rate of Rs159.54.

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