Gold rates fall in domestic market, edge up globally

KARACHI: The per tola gold price witnessed a decline of Rs800 in the domestic market on Monday, ARY News reported.

The new price of per tola gold now stands at 114,200, said Chairman All Pakistan Jewellers Manufacturers Association, Muhammad Arshad.

Likewise, the rate of 10 grams of the precious metal decreased by Rs684 to Rs97,908, according to the All Pakistan Jewelers Association.

In the international market, yellow metal increased by $2 and was traded at $1,952 per ounce.

According to a Reuters report, gold beat a sharp retreat on Monday, sliding 2% after Pfizer said its vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study, sending stock markets soaring and denting safe-haven bullion’s appeal.

Spot gold slipped 1.8% to $1,917.22 per ounce by 1227 GMT. The decline erased gains from the metal’s climb to a near eight-week peak at $1,965.33 earlier in the session, which was driven by a weak dollar amid hopes for more stimulus following Joe Biden’s victory in the U.S. elections.

U.S. gold futures dipped 1.8% to $1,916.70. Silver too joined gold’s slide, falling 2.6% to $24.93 per ounce.

Platinum fell 0.9% to $880.75, while palladium fell 1.8% to $2,446.24.