Gold price edges lower in line with global market

• Bullion price settles at Rs117,400 per tola in the local market with a fresh decrease of Rs250.
• Gold price in the international market recorded a decline of $8 per ounce to settle at $1,784.
• Dealers say that despite declining prices, the demand in the local market is dismal due to a lack of purchasing power.

KARACHI: The per tola gold price in Pakistan registered a decrease of Rs250 per tola and Rs214 per 10 grams to settle at Rs117,400 per tola and Rs100,652 per 10 grams on Wednesday.

The precious commodity closed at Rs117,650 per tola and Rs100,866 per 10 grams on Tuesday.

Bullion prices in the international market recorded a decline of $8 per ounce to settle at $1,784 ahead of a crucial Federal Reserve decision, as investors await cues on the US central bank's plan to taper its pandemic-induced stimulus amid signs of rising inflation.

Earlier, speaking to Geo.tv, an analyst had said: “As the rupee has started to gain momentum against the US dollar, gold prices have started declining.”

Shedding light on the demand in the domestic market, he had said that despite declining prices, the demand in the local market is dismal due to a lack of purchasing power.

Meanwhile, silver prices in the domestic market recorded a decrease of Rs20 per tola and Rs17.14 per 10 grams to settle at Rs1,420 per tola and Rs1,217.42 per 10 grams today.