KARACHI, Aug 23(ABC): After a two-session respite, gold resumed its downward trend on Tuesday despite the depreciation of the Pakistani rupee against the US dollar.
The price of gold inched down by Rs150 per tola and Rs129 per 10 grams to settle at Rs146,000 per tola and Rs125,171 per 10 grams, data released by the All Sindh Sarafa and Jeweller Association showed.
A day earlier, the price of gold jumped by 2.48% per tola, boosted by concerns regarding uncertain economic conditions which have sparked a flight from risky commodities towards safer ones.
Last week the price of gold recorded an overall gain of Rs4,100, or 2.96%, per tola.
It should be noted that the gold price is standing below cost and is cheaper by Rs3,000 per tola compared to Dubai.
In the international market, bullion prices gained by $4 per ounce to settle at $1,733 as cautious investors weighed economic risks against hawkish signals from Federal Reserve officials ahead of a central bank symposium this week.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.
