Gold price snapped a four-day winning streak in the local market on Tuesday and fell by Rs600 per tola, following a 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 Rs217,300 from Rs217,900. Similarly, the price for 10 grams of 24-karat gold decreased to Rs186,300 from Rs186,814, showing a decrease of Rs514. Similarly, the price for 10 grams of 22-karat gold decreased to Rs170,775 from Rs171,246, coming down by Rs471. Earlier, gold prices in the country declined last week by Rs550 per tola. It was the second consecutive week when the prices of the yellow metal decreased in the country. On the other hand, as of 1230 hours GMT, gold futures in the international market were available at $2,039.10 per ounce, showing a dip of $15.20. Out of the $15.20 decrease, -$11.75 was due to strengthening of the US dollar and -$3.45 was due to predominant sellers, according to the Kitco Gold Index. Gold price witnessed a sell-off after failing to reclaim the weekly high above $2,060. The precious metal dropped as investors reconsidered the timeframe in which the Federal Reserve (Fed) may reduce interest rates.
Gold price slips by Rs600 to Rs217,300 a tola
Published on: January 17, 2024 1:56 AM