Gold prices fall by Rs500 per tola in domestic market

KARACHI: The per tola gold price witnessed a decrease of Rs500 to Rs113,600 in the domestic market on Wednesday.

Likewise, the rate of 10 grams of the precious metal decreased by Rs428 to Rs97,393, according to the All Pakistan Jewelers Association. In the international market, gold rates slipped by $12 and was traded at  $1887 per ounce.

Gold fell 1% on a stronger dollar on Wednesday after the latest voting tallies from the U.S. presidential election showed a tight race, with President Donald Trump winning in Florida and leading in a few other battleground states, said Reuters.

Spot gold fell 0.9% to $1,890.99 per ounce by 0750 GMT. U.S. gold futures dropped 1% to $1,891.30 per ounce.

Earlier on November 3, gold prices in the domestic market had increased by Rs1,000 to Rs114,100 per tola, according to the All Pakistan Jewellers Association.

Similarly, the price of 10 grams gold had risen by Rs857 to Rs97,822. The global market had also seen precious yellow metal rising by $10 to $1,899 per ounce.