ISLAMABAD: Toeing the international bullion market, gold prices in the local market dipped for the second straight day and the price of one tola of 24-karat gold fell to Rs219,200 on Tuesday.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold decreased to Rs219,000 from Rs222,200, showing a decrease of Rs3,200 per tola.
Similarly, the gold price for 10 grams of 24-karat dipped to Rs187,800 from Rs190,500, showing a decrease of Rs2,700. Likewise, the 22-karat gold rates for 10 grams came down to Rs172,100.
On the other hand, as of 1300 hours GMT, gold futures in the international market were available at $1,946.20 per ounce, showing a decrease of $19.30 (-0.98 percent). Out of the $19.30 per ounce decrease, -$10.50 was due to strengthening of the US dollar and -$8.80 was due to predominant sellers, according to Kitco Gold Index.
Gold prices continued to decline on Tuesday as markets awaited key data releases from the US. The benchmark 10-year US Treasury bond yield gained more than 1 percent on the day above 4pc, not allowing gold prices to shake off the bearish pressure. The gold price faced some follow-through selling as US-China tensions over access to technology escalated, and the US dollar strengthened across the board. Meanwhile, the US Dollar Index (DXY), a measure of the value of the Greenback against a basket of six major currencies, gained momentum above 102.00.-TLTP