Gold cuts losses as rupee slips to record low

• Precious commodity drops Rs150 per tola and Rs129 per 10 grams, the same rates it gained a day earlier.
• International gold price recedes by $8 to close at $1,789 today.
• Analysts expect gold market to remain choppy as momentum is lacking.

KARACHI: Gold prices in Pakistan were confined to a small range in seasonally-quieter trading on Wednesday due to a declining Pakistani currency, which dropped to an all-time low of Rs178.15 against the US dollar.

The precious commodity lost Rs150 per tola and Rs129 per 10 grams — the exact same gains recorded a day earlier — to settle at Rs125,300 per tola and Rs107,424 per 10 grams, respectively.

The international gold price receded by $8 to close at $1,789 today, as risks posed to global economic growth from a surge in the Omicron variant cases burnished the metal's safe-haven appeal.

“With trading volume thin and major players away ahead of the year, the gold market is expected to remain choppy…momentum is lacking and prices will most likely consolidate within a comfortable range," Phillip Futures analyst Avtar Sandu said.

Analysts had earlier said moves in gold were likely to remain muted, in part due to thinning liquidity into the year-end.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.