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Sunday, March 03, 2024  
21 Shaban 1445  

Gold price declines by Rs3,000/tola

Per tola gold price reaches Rs215,600
Gold bars can be seen in this undated file photo. —Reuters
Gold bars can be seen in this undated file photo. —Reuters

The prices of gold recorded a significant decline in the domestic market of Pakistan after a dip in the international price of the metal.

The price of per tola gold showed a decline of Rs3,000 to hit Rs215,600 per tola. Similarly, the price of gold 10 grammes recorded a decrease of Rs2,575 to reach Rs184,642.

In the international market, gold retreated under $2,000 per ounce on Friday as the dollar and Treasury yields strengthened after traders trimmed bets for US interest rate cuts to materialise by March following stronger-than-expected jobs data, Reuters reported.

Spot gold fell 1.4% to $2,000.49 per ounce after hitting a session low of $1,994.49 earlier. Prices were down 3.4% so far for their worst week in ten.

US gold futures settled 1.6% lower at $2,014.50.

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