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Gold prices fall by Rs500 in domestic market

KARACHI: The per tola gold price witnessed a decline of Rs500 to Rs115,600 in the domestic market on Thursday, ARY News reported.

Likewise, the rate of 10 grams of the precious metal decreased by Rs482 to Rs99,108, according to the All Pakistan Jewelers Association.

In the international market, gold 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.

Spot gold fell 0.5% to $1,914.91 per ounce by 1145 GMT, after hitting more than a one-week high on Wednesday. U.S. gold futures slipped 0.6% to $1,917.60.

Read More: Gold prices edge up in domestic market

Earlier on October 21, the domestic gold prices had witnessed an increase of Rs400 to Rs116,100.

Likewise, the price of 10-gram of the yellow metal had witnessed an increase of Rs 343 and was traded at Rs 99,537, said All Pakistan Jewelers Association.

Meanwhile, gold prices in the international market had risen 1% to its highest in over a week as investor optimism that a U.S. coronavirus aid package would be announced before the Nov. 3 presidential elections pressured the dollar and bolstered bullion’s appeal as an inflation hedge.

 

 

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