Gold rates decline in domestic market

KARACHI: Gold rates registered a decline in the domestic market on Wednesday as per tola price of yellow metal fell by Rs550 to Rs112,300, reported ARY News. 

Similarly, the rate of 10 grams of gold dropped by Rs470 to Rs96,269, according to All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad.

The price of 10 grams of 22-carat gold stood at Rs88,255 while that of 21-carat gold at Rs84,244 after the decline.

Reuters adds: Gold prices dipped today, as elevated Treasury yields and an uptick in risk appetite weighed on the safe-haven metal, while investors cautiously awaited U.S. jobs data for cues on economic recovery and near-term Federal Reserve policy action.

Spot gold was down 0.3% at $1,894.46 per ounce, as of 0645 GMT, after hitting its highest since Jan. 8 at $1,916.40 on Tuesday. U.S. gold futures eased 0.3% to $1,899.60 per ounce.