Gold price continues to decline in Pakistan

KARACHI: Gold extended losses on Wednesday as the price in Pakistan registered a decline of Rs500 per tola, ARY News reported.

According to data released by All Sindh Sarafa Jewellers Association (ASSJA), the price of gold (24 carats) lost Rs500 per tola and Rs429 per 10 grams to settle at Rs204,000 and Rs174,879, respectively.

Meanwhile, the price of silver in the domestic market dropped by Rs70 and Rs60 to settle at Rs2,550 per tola and Rs2,186.21 per 10 grams.

On the other hand, gold prices were firmer near three-week highs as investors held their breath ahead of the much anticipated US inflation data that could drive the Federal Reserve’s upcoming interest rate decisions.

Spot gold gained 0.1% to $1,934.07 per ounce by 1023 GMT, while US gold futures added 0.1% to $1,939.40.

Prices touched their highest since June 20 earlier in the session as the dollar index (.DXY) slid to its weakest level in two months, making bullion cheaper for overseas buyers.

A day earlier, gold price registered a major drop in Pakistan as the price of gold (24 carats) dropped by Rs4,500 per tola and Rs3,858 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. A day earlier, the price of the bullion increased by Rs800 per tola and Rs686 per 10 grams.