Gold falls by Rs1,200 per tola in domestic market

Gold rates in Saudi Arabia, Gold rates today,

KARACHI: Gold prices continued to fall for the second consecutive day on Thursday as the per tola price of the yellow metal registered a decrease of Rs1,200 to Rs112,350 in the domestic market, ARY News reported.  

Likewise, the rate of 10 grams of the precious metal decreased by Rs1027 to Rs96322, according to the All Pakistan Jewelers Association.

Rate of the precious yellow metal in international market fall by $21 per ounce to $1857, resulting in a decrease in domestic prices of gold, said a spokesperson of the jeweler’s association.

Reuters said that gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economy in the United States.

Spot gold fell 0.3% to $1,857.36 per ounce at 0747 GMT. Earlier in the session, it hit its lowest since July 22 at $1,847.99. U.S. gold futures were down 0.4% at $1,860.70.

Read More: Gold price declines by Rs1,050 in domestic market

Earlier on September 23, the per tola gold price had witnessed a decrease of Rs1,050 to Rs113,550 in the domestic market.

Likewise, the rate of 10-gram gold had decreased by Rs 899 to Rs 97,350, according to All Pakistan Jewelers Association.

Gold had slid more than 1% to a six-week low on Wednesday, as the dollar extended its rally, while a lack of additional stimulus to aid the recovery of the coronavirus-battered global economy further weighed on sentiment.

 

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