Daily Times

Gold prices in the local market edged lower on Friday, following a consolidation phase in the global bullion markets, and fell by Rs300 per tola. According to Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs218,600 from Rs218,900. Similarly, the price for 10 grams of 24-karat gold decreased to Rs187,414 from Rs187,671, showing a dip of Rs257. Following suit, the price for 10 grams of 22-karat gold decreased to Rs171,796 from Rs172,032, going down by Rs236. Gold price in the country decreased by Rs5,000 per tola during this week, coming down from Rs223,600 to Rs218,600. Gold prices in the country took a jump of Rs7,900 (+3.66 percent) per tola last week on a week-on-week basis. The gold rate for a single tola of 24-karat increased to Rs223,600 from Rs215,700, according to Karachi Sarafa Association. Similarly, the price of 10 grams of 24-karat gold closed at Rs191,701 against Rs184,928 at the start of the week, reflecting an increase of Rs6,773. On the other hand, as of 1215 hours GMT, gold futures in the international market were available at $2,029.20 per ounce, showing an increase of $1.10. Out of the $1.10 increase, -$2.15 was due to strengthening of the US dollar and +$3.25 was due to predominant buyers, according to the Kitco Gold Index.