Gold falls 0.17pc to Rs119,250 per 10gm

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ISLAMABAD: Gold price increased for the second straight week by 0.4 percent, as a weaker dollar and falling US Treasury bond yields helped increase demand outlook for greenback-priced bullion.
The gold futures closed the week on a positive note in the international market at $1,854 from $1,846.70 per ounce, gaining $7.30 on a week-on-week basis.
The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, decreased by 0.17 percent (Rs200) to Rs119,250 from Rs119,450 during the last week. A decrease in the local gold prices was due to the Pakistani rupee’s appreciation against the US dollar, which appreciated by 0.19 percent last week.
Gold started last week on a positive note and registered gains on Monday with the greenback continuing to weaken against its major rivals. The negative tilt to risk sentiment amid disappointing macroeconomic data from the US caused the benchmark 10-year US Treasury bond yields to push lower on Tuesday, allowing gold to climb to its highest level in nearly two weeks at $1,870.- TLTP