Gold loses traction, prices drop by Rs450 per tola

• Domestic gold prices settle at Rs128,650 per tola and Rs110,297 per 10 grams.
• The international gold price dropped by $14 per ounce to $1,849 today.
• Silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams.

In line with the global market, domestic gold prices fell by Rs450 per tola and Rs385 per 10 grams on Friday.

Domestic gold prices settled at Rs128,650 per tola and Rs110,297 per 10 grams owing to a declining trend in global rates.

The international gold price dropped by $14 per ounce to $1,849 today.

A day earlier, gold prices in the local bullion market soared by Rs3,300 per tola and Rs2,829 per 10 grams to reach Rs129,100 per tola and Rs110,682 per 10 grams.

On Thursday, speaking to Geo.tv, a gold dealer said that a consistent price increase during the week has negatively affected the already low demand for gold in the local market.

“We do see some seasonal demand due to the wedding season but comparatively a lack of purchasing power has pushed consumers towards artificial jewellery,” he had said.

Shedding light on the outlook of the yellow metal, the dealer had said that going forward, the price will undergo an increase.

Gold in the local market gained Rs11,700 per tola during the November 4-11 period, according to All Sindh Saraf and Jewellers Association (ASSJA).

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.