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Gold prices fall in domestic market, edge up globally

KARACHI: The per tola gold price witnessed a minimal decline of Rs100 to Rs115,500 in the domestic market on Friday, ARY News reported.

Likewise, the rate of 10 grams of the precious metal decreased by Rs85 to Rs99,022, according to the Chairman All Pakistan Jewelers Association Muhamad Arshad.

On the other hand in the international market, a Reuters report said that the gold firmed above $1,900 an ounce on Friday, heading for a weekly gain, as the dollar weakened and as investors hedged against uncertainties surrounding the coronavirus pandemic and going into the Nov. 3 U.S. presidential election.

Spot gold rose 0.4 percent to $1,911.14 per ounce and was up 0.6% for the week. U.S. gold futures gained 0.5 percent to $1,914.10.

“Gold is getting some boost from the dollar weakening and we have the U.S. elections and there’s still a lot of uncertainty. Also, there are talks about the U.S. stimulus package in negotiation,” said Bank of China International analyst Xiao Fu.

It is pertinent to mention here that yesterday, the per tola gold price witnessed a decline of Rs500 to Rs115,600 in the domestic market and witnessed a decline of Rs482 to Rs99,108 on 10-gram gold.

In the international market, the precious metal’s prices slipped on Thursday as market hopes for a U.S. coronavirus aid package ahead of the presidential elections waned, in turn bolstering the dollar, said Reuters.

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