ISLAMABAD: Gold prices in the local market remained on a downward slide and decreased by Rs6,000 on Friday, following the rupee’s appreciation against the US dollar and falling of international bullion prices to seven-month low. The price of one tola of 24-karat gold decreased to Rs190,000 from Rs196,000. Similarly, the gold price for 10 grams of 24-karat decreased to Rs162,980 from Rs168,040. On the other hand, as of 1345 hours GMT, gold futures in the international market were available at $1,818.60 per ounce, showing a decrease of $1.60. Out of the $1.60 decrease, -$5.65 was due to strengthening of the US dollar and +$4.05 was due to predominant buyers, according to the Kitco Gold Index. Gold price broke below its daily trading range and touched its lowest level since early March near $1,810 before recovering towards $1,820. The benchmark 10-year US Treasury bond yield remained up, not allowing gold prices to gain traction. It is to be noted that local bullion pricing bodies, Karachi Sarafa Market and All Pakistan Gems and Jewelers Association, have refrained from announcing daily commodity prices since September 13 and the prices quoted above are being collected from different markets. However, All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) announced on Friday that domestic bullion is expected to resume trading from Monday. According to APSGJA, the bullion market was closed due to the general public rushing to accumulate gold while it was available at lower rates. Thus, the bullion did not release rates. The surge in gold transactions, attributed to the declining value of the dollar, led the authorities to crack down against gold dealers, causing panic in the bullion market. TLTP
