Gold prices go down in local, international markets

KARACHI: Gold prices in Pakistan have witnessed a decline on Saturday in the local and international market, ARY NEWS reported quoting an official of All Pakistan Jewelers and Manufacturers Association.

According to the association’s chairman Muhammad Arshad, the price of the precious metal saw a decline of Rs50 on a tola, closing at Rs112,400 while the 10-gram gold rate went down by Rs41.

The 10-gram gold is available in the local market at Rs96538, he said.

At the end of the weekend, the gold prices in the international market have also witnessed a decline of US$7 after it traded at US$1753 per ounce.

The per tola gold price on Wednesday registered a massive increase of Rs950 to Rs 113,650 in the domestic market.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs814 to Rs97,436.

In the international market, gold hit by a bout of technical selling after it failed to hold above the key $1,800 level as investors looked past a subdued dollar and sought clarity on the U.S. Federal Reserve’s tapering strategy.

Spot gold fell 0.6% to $1,793.81 per ounce by 11:13 am EDT (1513 GMT), while U.S. gold futures eased 0.6% to $1,796.00.

The yellow metal, however, got some support from a 0.1% fall in the dollar index.

Palladium gained 1.9% to $2,016.08, after falling to a more than one-year low on Tuesday. UBS earlier on Wednesday lowered its palladium price forecast to $2,000 per ounce.