Bullion prices record drop in domestic market
- By Web Desk -
- Mar 10, 2020
KARACHI: Gold rates decreased by Rs400 to Rs95,000 per tola in the domestic market on Tuesday, ARY News reported.
Likewise, the price of 10 grams of yellow metal saw a decrease of Rs342 and traded at Rs81,447.
In the global market, gold retreated from the $1,700 level touched briefly earlier on Monday, as investors sold the bullion to cover margin calls amid plummeting equity and energy markets, overshadowing the metal’s safe-haven demand, Reuters adds.
Read More: US dollar rises Rs1.17 against Pakistani rupee
Autocatalyst metal palladium, meanwhile, slid as much as 8% in early trade amid wider risk-off sentiment.
Spot gold was down 0.1% at $1,672.32 per ounce by 1:54 p.m. EDT (1754 GMT), while U.S. gold futures settled up 0.2% at 1,675.70.
Gold had been up as much as 1.7% in a volatile session, having touched its highest since December 2012 at $1,702.56 earlier. However, the price rally has led to profit-taking in the metal, analysts said.