ISLAMABAD: Gold prices in the local market lost traction on Thursday and fell by Rs650 per tola following an overnight dip in the international bullion prices. According to the Karachi Sarafa Association, the price of one tola of 24-karat gold decreased to Rs215,850 from Rs216,500. Similarly, the gold price for 10 grams of 24-karat gold decreased to Rs185,057 from Rs185,823, showing a dip of Rs766. The Pakistani rupee snapped a five-day winning streak against the US dollar in the inter-bank market and depreciated by 14 paisas to 285.27. In the open market, the local unit remained unchanged at 284 for buying and 287 for selling. Rupee’s depreciation makes gold costlier for local buyers if all other factors remain the same as gold is rated in US dollars. During the last week, gold prices in the local market increased by Rs5,500 per tola. On the other hand, as of 1315 hours GMT, gold futures in the international market were available at $1,992.50 per ounce, showing an increase of $3.20.TLTP
