Daily Times

Gold price in the country decreased by Rs 1,400 per tola on Thursday following an overnight dip in prices in the international markets. According to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold decreased to Rs 213,800 from Rs 215,200. Similarly, the price for 10 grams of 24-karat gold decreased to Rs 183,300 from Rs 184,500, going down by Rs1,200. Similarly, the price for 10 grams of 22-karat gold decreased to Rs 168,024 from Rs 169,124, showing a dip of Rs1,100. Earlier, gold price in the country declined by Rs 2,150 (-0.99 percent) per tola last week. It was the third consecutive week when the prices of the yellow metal decreased in the country. On the other hand, as of 1225 hours GMT, gold futures in the international market were available at $2,014.10 per ounce, showing an uptick of $0.70. Out of the $0.70 increase, -$0.40 was due to strengthening of the US dollar and +$1.10 was due to predominant buyers, according to the Kitco Gold Index. Gold price reversed a part of Wednesday’s heavy losses to a multi-day low, albeit it lacked bullish conviction. The US dollar surged in the previous session after the US data boosted the local currency, driving gold price down to $2,011.72, a fresh weekly low.