KARACHI: Gold rates registered a decline in the domestic market on Saturday as per tola price of yellow metal fell by Rs750 to Rs110,350, reported ARY News.
Similarly, the rate of 10 grams of gold dropped by Rs643 to Rs94,607, according to All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad.
The price of 10 grams of 22-carat gold stood at Rs86,723 while that of 21-carat gold at Rs82,781 after the decline.
Reuters adds: Physical gold demand crept up this week in top hubs India and China though dealers were still forced to offer discounts, while businesses limped back to life in India as some COVID-19 restrictions were eased.
Some Indian states have begun easing restrictions as infection cases abate.
“Slowly, businesses are opening up in a few states. As new coronavirus cases are falling, expectations are most states will ease restrictions in the next few weeks,” said Mukesh Kothari, director at Mumbai bullion dealer RiddiSiddhi Bullions.
Dealers offered discounts of up to $12 an ounce over official domestic prices, inclusive of 10.75% import and 3% sales levies. That was unchanged from last week, a level of discount not seen since mid-September 2020.
