Gold rate falls

Updated 11 Aug 2020

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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