Gold rates continue to drop in domestic market

KARACHI: The per tola gold price on Tuesday witnessed a decrease of Rs50 to Rs13,400 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 Rs41 to Rs97,222.

On the other hand, the Pakistani rupee appreciated by Rs0.2 against the United States (US) dollar at the interbank currency market on Tuesday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs160.37 against the greenback as compared to yesterday’s closing rate of Rs160.39.

In the International market gold gained about 1% on Tuesday, bouncing off a one-month low touched in the last session, as focus returned to prospects of inflation driven by more U.S. fiscal stimulus under President-elect Joe Biden.

Spot gold was up 0.7% at $1,857.63 per ounce at 1218 GMT. On Monday, prices touched their lowest level since Dec. 2. U.S. gold futures gained 0.4% to $1,858.50.

Silver gained 1.9% to $25.39 an ounce. Platinum climbed 3.1% to $1,063.41, while palladium was up 0.5% at $2,383.74.