Gold price dips in domestic market

KARACHI: Gold prices extended a downward trend in the domestic market as the price of per told gold witnessed a decrease of Rs500, ARY News reported on Tuesday.

According to Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association, the price of per told gold witnessed a decrease of Rs500 to Rs117,500 in Pakistan.

Likewise, the rate of 10 grams of gold also declined by Rs427 to Rs 110,737.

According to Reuters, gold prices in the International market eased on Tuesday as a firmer dollar made bullion less appealing for holders of other currencies, while investors eyed a pivotal U.S. Federal Reserve policy meeting amid growing concerns over a sustained bout of inflation.

Spot gold was down 0.2% at $1,789.58 per ounce. U.S. gold futures dropped 0.2% to $1,791.50.

Spot silver fell 0.2% to $23.98 per ounce. Platinum dropped 0.7% to $1,056.58, while palladium was flat at $2,047.26.