Gold loses traction, prices drop by Rs300 per tola

• Bullion prices settle at Rs114,200 per tola in the local market on Monday.
• The international gold price dropped by $13 per ounce to $1,748.
• Gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

KARACHI: In line with the global markets, domestic gold prices fell by Rs300 per tola and Rs257 per 10 grams owing to the rising strength of the dollar leaving global prices dropped by $13 per ounce in just a day.

On Monday, domestic gold prices settled at Rs114,200 per tola and Rs97,908 per 10 grams owing to a persistent declining trend in global rates.

The international gold price dropped by $13 per ounce to $1,748 on Monday.

Market dealers say that a decrease in price may provide some relief to on-spot buyers and also to those who had made advance bookings for jewellery sets.

Dealers are of the view that many people are still waiting for a decline in gold prices as wedding season has begun and it will further pick up pace.

However, some analysts believe that currently, the buyers are a bit reluctant to engage in bulk buying of yellow bars after smelling a frequent drop in world gold prices.

It is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams today.