business
Wednesday Jan 12 2022
By

Gold pulls back as rupee strengthens, price drops by Rs300 per tola

Person wearing rubber gloves wiping clean bars of gold — AFP
Person wearing rubber gloves wiping clean bars of gold — AFP

  • Gold loses Rs300 to settle at Rs125,700 per tola.
  • Bullion prices drops by Rs258 to Rs107,767 per 10 grams.
  • Silver prices in the domestic market remain unchanged.


KARACHI: Gold prices slipped on Wednesday as the rupee ticked up from its lows and investors showed caution in the run-up to the announcement of a monetary policy later this week.

The yellow metal lost Rs300 to settle at Rs125,700 per tola and Rs258 to fall to Rs107,767 per 10 grams in the domestic market.

The rupee index inched 0.23% higher, owing to the balanced demand and supply of the greenback.

On the international front, gold prices edged higher ahead of the US inflation data that could provide further direction on US monetary policy after comments from the Federal Reserve Chair lifted bullion in the last session.

The international gold price rose by $11 per ounce to $1,818.

However, it is pertinent to mention that the gold rates in Pakistan are around Rs1,500 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 grams today.