Gold prices go down in domestic, global markets amid vaccine optimism

KARACHI: Gold prices in Pakistan witnessed a declining trend on the first day of the week on Monday, ARY NEWS reported quoting Sindh Jewelers Association.

According to details, the per tola price of the precious metal went down by Rs 300 today after which it traded at Rs110,500 per tola.

On the other hand, the 10-gram gold prices also witnessed a decline of Rs 257 per 10 gram and traded at Rs94,736 per 10 gram.

International Gold rate

Gold edged lower on Monday as the rollout of a COVID-19 vaccine in the United States drove optimism in wider financial markets with investors banking on a resultant economic recovery.

According to Reuters, spot gold was 0.1 percent lower at $1,836.80 per ounce by 9:34 a.m. EST (1434 GMT), having earlier fallen as much as 1 percent to $1,819.35.

US gold futures also eased 0.1 percent to $1,841.00.

“We’re seeing some keener risk appetite in the marketplace, as evidenced by rallying global stock markets, and that’s putting some pressure on safe-haven gold,” said Kitco Metals senior analyst Jim Wyckoff.

“A solidly lower U.S. dollar index may be limiting some of the selling pressure.”

Gold, considered a hedge against inflation that could result from the unprecedented stimulus unleashed in 2020, has risen more than 20 percent so far this year.

Moreover, Silver rose 0.9 percent to $24.12 an ounce, while platinum was up 1.1 percent at $1,019.76 and palladium was down 0.6 percent at $2,304.58.