Gold price plunges by Rs 2,400 per tola in Pakistan

– Reuters / File
  • The prices of bullion on the local market are falling by Rs 2,400 per tola and Rs 2,058 per 10 grams.
  • Cumulatively, the precious commodity lost around Rs1,000 during the outgoing week.
  • It drops from $ 26 an ounce to around $ 1,787 in the international market.

KARACHI: Gold lost its luster again as it fell more than 2,000 rupees per tola in Pakistan on Saturday, in line with world markets.

The prices of bullion on the local market fell by Rs 2,400 per tola and Rs 2,058 per 10 grams to reach Rs 122,800 per tola and Rs 105,281 per 10 grams.

Cumulatively, the precious commodity lost around Rs1,000 during the outgoing week.

It fell $ 26 an ounce to around $ 1,787 in the international market, according to All Sindh Saraf Jewelers Association (ASSJA).

Globally, gold was still heading for its worst week since mid-June, down 2.9% so far, under pressure from expectations that the US Federal Reserve could accelerate the rise in prices. interest rate, increasing the opportunity cost of holding non-interest bearing bullion.

Authorities around the world have reacted with concern to the discovery of a new variant of the virus, with the EU and Britain among those tightening border controls as researchers sought to establish whether the mutation was resistant to the vaccine, triggering a massive sell-off in the markets that infiltrated oil and other precious metals. .

But after the rally due to bullion’s appeal as a safe haven, the overall bearish turn in commodities ultimately claimed gold as well, said Jim Wyckoff, senior analyst at Kitco Metals, adding that the market reaction was likely. exaggerated.

Meanwhile, domestic silver prices remained unchanged at Rs 1,460 per tola and Rs 1,251.71 per 10 grams.

– With additional contribution from Reuters

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