Price of gold per tola falls by Rs9,100
\n Karachi
\nGold prices declined in international and domestic markets on Saturday. In the international bullion market, gold dropped $91 per ounce to $4,083.
\nIn local markets, the price of gold per tola fell by Rs9,100 to Rs430,662, while 10 grams of gold decreased by Rs7,799 to Rs369,223.
\nSpot gold was down 1.9% at $4,092.72 per ounce as of 02:33 p.m. ET (1933 GMT), after earlier sliding more than 3%. Despite the fall, bullion is up 2.3% so far this week.
\nIn other metals, spot silver edged down 2.8% to $50.84 per ounce but is still up 5.2% for the week.
\nEarlier this week, gold prices in Pakistan edged higher on Tuesday, continuing their upward trend despite a slight decline in international markets.
\nLocally, the price per tola rose from Rs5,900 to Rs435,762, while 10-gram gold was sold for Rs373,595, up Rs5,065, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
\nOn Monday, gold had surged by Rs7,400 per tola, closing at Rs429,862. Internationally, gold prices eased slightly on Tuesday after hitting a near three-week high earlier, as traders booked profits.
\nMarket optimism over the potential resumption of US economic data releases and hopes that the Federal Reserve may cut interest rates next month helped limit losses.
\n\u201cAfter touching the high, prices dipped about $40, when the US session opened.<\/p>\n
Adnan Agar, Director of Interactive Commodities, while commenting on market dynamics, noted that gold\u2019s daily high reached $4,148, with a low of $4,097.<\/p>\n
There is strong support at $4,155; if breached, gold could rise to $4,200-4,220. However, if resistance holds, it may retract to $4,080-4,050,\u201d he said.
\n\u201cWe just got into good resistance around the halfway back point and that probably prompted some profit-taking on longs after Monday\u2019s strong gains and perhaps a little bit of speculative selling up there as well,\u201d said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals.
\nThe US Senate on Monday approved a compromise that would end the longest government shutdown on record. The shutdown has triggered a data blackout, leaving policymakers and markets without key indicators on jobs and inflation.
\nThe central bank trimmed rates at its latest meeting, but Chair Jerome Powell stressed that another cut this year was far from certain. Markets see a 64% chance of a rate cut in December, CME\u2019s FedWatch Tool showed.
\nMeanwhile, the Pakistani rupee edged higher against the US dollar on Tuesday, gaining 0.01% in the inter-bank market. It closed at 280.78, up Rs0.03 from the previous session. On Monday, the rupee had ended at 280.81.
\nAccording to Ismail Iqbal Securities, at the close of trading, the Pakistani rupee appreciated 0.01% day-on-day against the US dollar, settling at 280.78.
\nOn a calendar year-to-date basis, the currency has depreciated 0.79%, while it has gained 1.06% in the fiscal year to date.<\/p>\n","protected":false},"excerpt":{"rendered":"
Price of gold per tola falls by Rs9,100 Karachi Gold prices declined in international and domestic markets on Saturday. In the international bullion market, gold dropped $91 per ounce to $4,083. In local markets, the price of gold per tola fell by Rs9,100 to Rs430,662, while 10 grams of gold decreased by Rs7,799 to Rs369,223. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-514841","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n