Gold rates register decrease in Pakistan

KARACHI: The gold rates declined in Pakistan as per tola price witnessed a drop of Rs1,200 in the domestic market, ARY News reported on Wednesday.

The price of the precious yellow metal of 24 karat dropped by Rs1,200 to settle at Rs211,800 per tola in Pakistan, the association said.

Likewise, the rate of 10 grams of the precious metal also recorded a drop of Rs1,029 to settle at Rs181,584.

Spot gold fell 0.2% to $1,978.14 per ounce, while U.S. gold futures dropped 0.4% to $1,987.10.

Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.

Gold may fall into a range of $1,951-$1,964 per ounce, following its repeated failures to break a resistance at $2,010, according to Reuters technical analyst Wang Tao.

Spot silver dropped 1.5% to $22.56 per ounce, platinum slipped 0.9% to $925.18, while palladium was steady at $1,116.19.