Gold loses traction, prices fall by Rs250 per tola

• Domestic gold prices settle at Rs112,150 per tola and Rs96,150 per 10-gram on Saturday.
• The international gold price drops by $10 per ounce to $1,787.
• Silver prices remain stable at Rs1,430 per tola and Rs1,226 per 10 grams on Saturday.

KARACHI: In line with the global markets, domestic gold prices fell by Rs250 per tola and Rs215 per 10 grams owing to the rising strength of the dollar leaving global prices dropped by $10 per ounce in just a day.

On Saturday, domestic gold prices settled at Rs112,150 per tola and Rs96,150 per 10 grams owing to a persistent declining trend in global rates, which ranged between $1,787-1,824 during the week.

The international gold price dropped by $10 per ounce to $1,787 on Saturday.

Local investors keep their eyes on the international price movements and change their mood in the buying and selling of gold bars in the local markets.

Currently, they are a bit reluctant to engage in bulk buying of yellow bars after smelling a frequent drop in world gold prices.

It is pertinent to mention that the gold rates in Pakistan are around Rs3,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,430 per tola and Rs1,226 per 10 grams on Saturday.