Gold slips by Rs5,4000 Rs229,000 per tola

ISLAMABAD: Gold prices in the country decreased by Rs5,400 per tola on Thursday, following the rupee’s appreciation against the US dollar.
According to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold decreased to Rs229,000. Similarly, the gold rate for 10 grams of 24-karat moved lower to Rs196,350 with a decrease of Rs4,600.
The gold price for 22-karat was recorded at Rs212,500 per tola. Likewise, the gold rate for 10 grams of 22-karat decreased to Rs182,500.
The Pakistani rupee made a strong comeback against the US dollar in the open-market on Thursday, showing a significant appreciation from 314 to 295 against the greenback.
As of 1400 hours GMT, the gold futures in the international market were available at $1,975.50 per ounce, showing an increase of $13.10 (0.67 percent). Out of the $13.10 per ounce increase, +$7.60 was due to weakening of the US dollar and +$6.50 was due to predominant buyers, according to Kitco Gold Index.
Gold price climbed above $1,970 as due to weak wage inflation data from the US, the benchmark 10-year US Treasury bond yield went down more than 1 percent to below 3.6 percent, fuelling gold’s rally. In doing so, the yellow metal justified the market’s dicey conditions as optimism surrounding the US debt-ceiling deal and receding hawkish bias about the Federal Reserve contrasted with the cautious mood ahead of the top-tier US data. – TLTP