Gold prices plunge in domestic market

The per tola gold price on Saturday witnessed a decrease of Rs900 to Rs108,100 in the domestic market.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold decreased by Rs770 to Rs92,678.

In the international market, gold tumbled 3 per cent to an eight-month low on Friday en route to its worst month since November 2016 as a stronger dollar and elevated U.S. Treasury yields hammered non-yielding bullion’s appeal.

Spot gold was down 2.5% at $1,726.31 per ounce by 1:34 p.m. ET (1834 GMT), after touching $1,716.85, its lowest since June 2020. Bullion is down 6.4% so far this month.

Earlier on February 25, gold prices had extended a downward trend in the domestic market for the second consecutive day on Thursday as per tola price of yellow metal decreased by Rs500 to Rs110,150.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad had said that the rate of 10 grams of gold decreased by Rs443 to Rs94,435.

February 27, 2021

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