Gold rates register decrease in Pakistan

ISLAMABAD: The per tola rates of 24 karat gold witnessed a decrease of Rs 1,700 and was sold at Rs 250,200 on Thursday as compared to its sale at Rs. 251,900 on the previous day, ARY News reported.

The price of 10 grams of 24 karat gold decreased by Rs1,458 and was sold at Rs 214,506 against the sale price of Rs215,964 and 10 gram 22 karat gold also decreased to Rs196,631 from Rs197,238, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten-gram silver remained constant at Rs.2,780 and Rs.2,383.40 respectively.

The price of gold in the international market decreased by $17 to 2,395 from $2,412, the Association reported.

Earlier today, Reuters reported that gold prices rose on a weaker U.S. dollar and as investors sought a safe-haven on fears the Middle East conflict could widen, dampening headwinds from the prospect of fewer U.S. rate cuts this year.

Spot gold was up 0.8% at $2,379.33 per ounce at 1001 GMT. It had touched an all-time high of $2,431.29 last Friday. U.S. gold futures rose 0.2% to $2,393.70.

“The weakening dollar has been supportive of precious metals across the board today. There are also other supportive factors like geopolitical risks and central bank diversification that have played a role,” said Bank of China International (BOCI) analyst Xiao Fu.