KARACHI: Gold prices, extending a downward trend, decreased by Rs400 to Rs89,500 per tola in the domestic market on Tuesday, ARY News reported.
Likewise, the price of 10 grams of yellow metal fell by Rs342 to Rs76,731.
Gold prices also inched lower in the global market, following a meltdown in precious metals last session, as investors continued to sell assets across markets to keep their money in cash amid heightened panic over the coronavirus pandemic.
Spot gold slipped 0.2% to $1,511.30 per ounce, having slumped as much as 5.1% on Monday to its lowest since November.
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U.S. gold futures rose 1.7% to $1,511.50. Most Asian shares fell after Wall Street’s historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.
International Monetary Fund Managing Director Kristalina Georgieva on Monday said 20 additional countries had asked about receiving aid as the outbreak halts economic activity, and she called for strong, coordinated fiscal stimulus to limit the damage.
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