Aaj English TV

Saturday, March 02, 2024  
20 Shaban 1445  

Gold price drops by Rs1,200 to hit Rs214,800/tola in Pakistan

International gold was down 0.5% at $2,027.80 per ounce
In this file photo, a Pakistani shopkeeper arranges jewelry in the window of a jewelry shop in Islamabad. AFP
In this file photo, a Pakistani shopkeeper arranges jewelry in the window of a jewelry shop in Islamabad. AFP

The price of gold showed a significant decline of Rs1,200 and settled at Rs214,800 per tola for selling on February 6 compared with the previous price of Rs216,000 in the local market of Pakistan, the All Sindh Sarafa Jewellers Association reported.

Similarly, the price of 10 grammes of gold dropped by Rs1,029 to hit Rs184,156 as against the earlier price of Rs185,185.

The price of 10 grammes of 22 karat gold went down to Rs168,810 as against the previous price of Rs169,753.

Meanwhile, the price of per tola and 10 grammes of silver remained unchanged at Rs2,600 and Rs2,229.08, respectively.

In the international market, gold prices fell on Monday as the US dollar and Treasury yields surged after a robust jobs report crushed expectations of near-term interest rate cuts from the Federal Reserve, Reuters reported.

Spot gold was down 0.5% at $2,027.80 per ounce while US gold futures fell 0.4% to $2,044.90 per ounce.

“Large speculators and managed funds trimmed long exposure to gold futures for a fourth week … and with Jerome Powell reiterating three rate cuts for the year, it remains debatable as to whether gold can rally from here,” said Matt Simpson, a senior analyst at City Index.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.

bullion rates

Gold prices

Gold rates today

Gold prices today in Pakistan

Comments are closed on this story.

Comments

Taboola

Taboola ads will show in this div