Gold extends losses, price declines by Rs400 per tola

Gold price in Pakistan Friday extended losses as the yellow metal shed Rs400 per tola to settle at Rs141,100 as prospects of higher interest rates eroded its appeal.

The precious commodity lost Rs343 per 10 grams to settle at Rs120,970 per 10 grams, respectively.

Gold’s retreat came despite data showing Pakistan’s inflation – based on the consumer price index – showing a record-high inflation month. Analysts believe high inflation is in favour of precious metals; however, the price of gold lost its shine today.

Meanwhile, in the international market, the gold price decreased by $16 per ounce and fell below the key level of $1,800 as the price settled at $1,788 because a stronger dollar eroded its appeal, with an import tax hike by India also seen dampening demand for bullion.

Gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Silver prices in the domestic market declined by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs1,520 per tola and Rs1,303.15 per 10 grams on Friday.

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