Thursday Dec 30, 2021
KARACHI: Gold prices in Pakistan recorded a meagre gain of Rs100 per tola in the domestic market on Wednesday.
Gold was down by Rs100 at Rs126,100 per tola and increased by Rs85 to reach Rs108,110 per 10 grams.
The rates of gold were Rs126,000 per tola and Rs108,025 per 10 grams on Wednesday.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.
Gold prices slipped for a third straight session on Thursday as the dollar gained, with bullion hovering around the $1,800 mark as it heads towards its worst annual performance in six years.
Spot gold fell 0.1% to $1,801.69 per ounce while US gold futures fell 0.2 % to $1,802.20.
"The $1,800 level seems to be behaving more like a magnet to the market with good buying below that level and good selling above it," said independent analyst Ross Norman.
He said $1,814 was acting as technical resistance and $1,835 was "now the big number for the market".
"Gold is seeing a little bit of buying on the basis of new position-taking and, on the other hand, it's seeing some good selling on the basis of dollar strength in particular," he said.
— Additional input from Reuters