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Gold extends losses, price declines by Rs400 per tola

By Internews

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KARACHI, July 1(ABC): Gold price in Pakistan Friday extended losses as the yellow metal shed Rs400 per tola to settle at Rs141,100 as prospects of higher interest rates eroded its appeal.

The precious commodity lost Rs343 per 10 grams to settle at Rs120,970 per 10 grams, respectively.

Gold’s retreat came despite data showing Pakistan’s inflation — based on the consumer price index — showing a record-high inflation month. Analysts believe high inflation is in favour of precious metals; however, the price of gold lost its shine today.

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Internews Pakistan is an Islamabad-based independent news agency, primarily focusing on print and electronic media with its services in text, photo, and video in digital multimedia form. Internews Pakistan, a project of Lord Media Services, offers daily news services, including current affairs news, features, articles, and analyses of current value in Urdu and English. Internews Pakistan has reporters across the country as well as in Azad Kashmir with bureaus in Karachi and Lahore. Internews Pakistan also provides news services by translating foreign English news material into Urdu. Internews Pakistan has been providing news and content services to over 500 organizations, including newspapers, radio stations, TV channels and websites, inside and outside Pakistan.

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