Gold prices decline in domestic market, edge higher globally

KARACHI: The per tola gold price on Friday registered a decline of Rs250 in the domestic market in contrast to the international market where it edged higher, ARY News reported.

The price of per told gold witnessed a decrease of Rs250 in Pakistan as the per tola of precious yellow metal now costs Rs115,300, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, the rate of 10 grams of gold also declined by Rs213 to Rs 98,851.

International rates

A Reuters report said that gold prices edged higher on Friday as the dollar eased slightly, while investors focused on the U.S. labour market data due later in the day, considered key to the Federal Reserve’s schedule for tapering monetary stimulus.

Spot gold rose 0.4% to $1,762.49 per ounce by 1124 GMT, while U.S. gold futures were up 0.2% at $1,762.60.

The dollar eased, buoying precious metal’s appeal for those holding other currencies.

The yellow metal also seemed to have found some support on comments from an advisor that a default on China Evergrande’s offshore bond obligations was “imminent”.

Spot silver fell 0.1% to $22.57 per ounce. Platinum rose 2.6% to $1,004.81, and palladium gained 4% to $2,038.12.