KARACHI: The per-tola and 10-grams gold price on Monday fell by Rs3,000 and Rs2,572 to close at Rs129,000 and Rs110,597 owing to a sharp decline in world gold rate.
All Sindh Saraf Jewellers Association (ASSJA) quoted international gold rate at $2,030, showing a drop of $24 per ounce.
According to BIPL Securities, gold prices fell on Monday as the dollar held onto gains made after better-than-expected US payrolls data, while investors kept a close eye on Sino-US relations ahead of scheduled trade talks.
Gold hit a record high of $2,072.50 on Friday before retreating nearly two per cent as the dollar bounced on data showing US non farm payrolls increased 1.763 million in July.
A correction is very possible here. It really depends on how market views the overall dollar, with US-China trade escalation sort of favorable to the dollar, BIPL Securities said.
Published in Dawn, August 11th, 2020