Gold continues on downwards spiral in coronavirus affected market
- By Web Desk -
- Mar 12, 2020
KARACHI: Gold rates in the domestic market registered a drop of Rs600 per tola on Thursday, ARY News reported.
According to details, per tola price of the precious yellow metal decreased to Rs94,400 while the price of 10 grams was reduced by Rs514 to Rs80,932.
Read More: Gold rates down Rs900 per tola in domestic market
Gold inched up on worries about the economic impact of the coronavirus outbreak as the United States suspended travel from virus-hit Europe, although gains were capped as traders covered margin calls after a plunge in, equities.
Spot gold rose 0.2% to $1,637.33 per ounce by 0658 GMT. U.S. gold futures fell 0.3% to $1,637.20.
Read More: Gold rates down Rs400/tola
Earlier on March 9, Per tola price of yellow metal decreased to Rs94,400 while that of 10 grams by Rs342 to Rs80,932.
In the global market, gold prices rose above the $1,700 per ounce level today for the first time in more than seven years, after a stock market rout due to concerns over a widening coronavirus outbreak and its economic impact drove investors towards safe-haven assets, Reuters adds.