Gold price drops by Rs800 in Pakistan

KARACHI: The price of gold dropped by Rs800 per tola in the domestic market on Monday.

A tola of yellow metal reached Rs109,000, according to rates shared by Chairman of the All Pakistan Jewelers Manufacturers Association Muhammad Arshad. Similarly, the rate of 10 grams of gold dropped by Rs685 to Rs93,449.

According to Reuters, the international market saw gold sliding more than 1% and was set for its worst month since November 2016, as hopes of a coronavirus vaccine-led economic rebound lured investors into buying risk assets.

Spot gold fell 0.7% to $1,775.11 per ounce by 0650 GMT, shedding 5.4% this month. The metal also hit its lowest since July 2 at $1,764.29 earlier in the session.

U.S. gold futures dropped 0.7% to $1,775.70.