Gold prices see big drop in domestic market

KARACHI: The per tola gold price on Wednesday witnessed a decrease of Rs3050 to Rs102,700 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold decreased by Rs2,614 to Rs88,048.

Gold prices in the international market inched lower on Wednesday as data showing a faster-than-expected growth in China’s factory activity weighed on the metal’s safe-haven appeal, while a surge in U.S. Treasury yields added further pressure.

Spot gold was down 0.1% to $1,683.56 per ounce. U.S. gold futures were flat at $1,685.10 per ounce.

Silver was steady at $24.01, while platinum rose 0.5% to $1,160.05 and palladium was up 0.7% at $2,607.04.

On the other hand, the Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank currency market.

Also Read: Pakistan receives third tranche of $500mn from IMF

According to forex dealers, the greenback opened at Rs151.50 against the local unit but later rebounded to Rs152.25. After depreciating 84 paisas, the dollar is now trading at Rs152.25, a 21-month low.