Gold price declines by Rs1,050 in domestic market

KARACHI: The per tola gold price witnessed a decrease of Rs1,050 to Rs113,550 in the domestic market on Wednesday, ARY News reported.

Likewise, the rate of 10-gram gold decreased by Rs 899 to Rs 97,350, according to All Pakistan Jewelers Association.

Rate of the precious yellow metal in international market fall by $24 per ounce to $1882, resulting in a decrease in domestic prices of gold, said a spokesperson of the jeweler’s association.

Gold slid more than 1% to a six-week low on Wednesday, as the dollar extended its rally, while a lack of additional stimulus to aid the recovery of the coronavirus-battered global economy further weighed on sentiment, Reuters reported.

Spot gold was down 0.6% at $1,887.35 per ounce at 0913 GMT after it dipped 1.4% to touch its lowest since August 12 at $1,873.01 earlier in the session. U.S. gold futures were down 1.2% at $1,885.60 per ounce.

Read More: Gold price jumps Rs450 per tola in domestic market

Earlier on September 20, the per tola gold price had witnessed an increase of Rs450 to Rs115,100 in the domestic market.

Likewise, the rate of 10-gram gold had also increased by Rs300 to Rs98,679, according to the All Pakistan Jewelers Association. Meanwhile, gold prices in the international market had risen as the dollar slipped. Spot gold had climbed 0.4% to $1,951.13 per ounce, having fallen to a one-week low in the previous session.