Gold prices continue to fall in domestic market

KARACHI: Gold prices continued to fall in Pakistan as the per tola price of the yellow metal registered a decrease of Rs500 to Rs111,500 in the domestic market. 

Likewise, the rate of 10 grams of the precious metal decreased by Rs427 to Rs95,593, according to the All Pakistan Jewelers Association.

Rate of the precious yellow metal in the international market increase by $5 per ounce to $1863.

According to Reuters, gold prices fell on Friday and were on track for their biggest weekly fall in six, hurt by a resilient dollar, which benefited from increased risk aversion at bullion’s expense.

Spot gold  was down 0.4% to $1,860.16 per ounce at 1249 GMT, while U.S. gold futures were down 0.91 % at $1,859.80 per ounce.

Bullion was also set to post its steepest weekly contraction since mid August, falling 4.6%.

In other metals, silver fell 1.9% to $22.78 per ounce and platinum slipped 1%, to $840.34. Both metals are on track for their biggest weekly falls since mid March.

Palladium was down 1.4% at $2,195.88 per ounce.

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