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Wednesday, May 18, 2022
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Gold loses shine, price drops by Rs50 per tola

Gold prices were little changed on Friday as it receded by Rs50 to settle at Rs131,450 per tola. The price of the precious commodity dropped by Rs50 per tola and Rs43 per 10 grams to settle at Rs131,450 and Rs112,697, respectively. Cumulatively, the safe-haven asset had gained Rs1,500 per tola in the last three sessions as gold is considered a safe store of value during times of political crisis and uncertainty. In the international market, gold declined by $1 per ounce to settle at $1,955 as firmer US Treasury yields offset non-yielding bullion’s demand, but the metal was cautiously on course for its best week in three. Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,510 per tola and Rs1,294.58 per 10 grams.

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