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Gold prices witness steep decline in domestic market

KARACHI: The per tola gold price on Saturday witnessed a decrease of Rs1300 to Rs13,300 in the domestic 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 Rs1,115 to Rs97,136.

In the international market, gold slumped more than 4% on Friday and silver followed with a near 10% plunge as prospects for a smooth transition of power in Washington and a jump in U.S. Treasury yields hammered the precious complex, according to Reuters.

Spot gold fell as low as $1,828.36 and was last down 3.6% at $1,843.06 per ounce at 2:45 p.m. EST (1945 GMT), en route to register its worst week since November. U.S. gold futures settled down 4.1% to $1,835.40.

Read More: Gold prices go down in domestic, global markets

Earlier on January 7, the per tola gold price had witnessed a decrease of Rs1400 to Rs115,250 in the domestic market.

Likewise, the rate of 10 grams of gold had decreased by Rs1200 to Rs98,808, siad All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad.

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