Wednesday, October 5, 2022

Gold price per tola plummets by Rs850 in Pakistan

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KARACHI: Gold prices witnessed a decline in Pakistan as per tola price of precious yellow metal plunged by Rs850 on Friday, ARY News reported.

According to the All Pakistan Jewellers Manufacturers Association, the per tola price of gold decreased by Rs850 to Rs153,850 while the price of 10 grams was reduced by Rs728 to Rs131,902.

The gold hit an all-time high of Rs162,500 per tola on July 28.

In the international market, gold prices fell more than 1% to their lowest since April 2020 as a cocktail of factors from a robust dollar and elevated U.S. bond yields to worries about more U.S. interest rate hikes diminished its appeal.

Spot gold was down 1.3% at $1,648.59 per ounce and on course for a second straight weekly decline, down 1.6%. U.S. gold futures fell 1.5% to $1,656.20.

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