Gold price falls in domestic market

KARACHI: The per tola gold price on Tuesday registered a decrease of Rs 700 to Rs 108,600 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of the yellow metal decreased by Rs 600 to Rs 93,106.

In the international market, gold prices eased on Tuesday, as a firmer dollar made bullion expensive for holders of other currencies while concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected also dented the metal’s appeal.

According to Reuters, gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal.

Read More: GOLD CONTINUES UPWARD JOURNEY

Earlier on June 23, gold prices had continued their upward trend for the third consecutive day as the per tola price of the precious metal witnessed an increase of Rs 850 to Rs 110,200 in the domestic market.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad had said that the rate of 10 grams of gold increased by Rs 728 to Rs 94,478.