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Gold price falls by Rs400 per tola in Pakistan

The price of yellow metal also declined by $5 per ounce In the international market



Gold price falls by Rs400 per tola in Pakistan
GNN Media: Representational Photo

Karachi: Gold lost its shine in local bullion markets of Pakistan in line with the fluctuation in the international market on Thursday.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of precious metal declined by Rs400 per tola and Rs343 per 10 grams to settle at Rs154,700 and Rs132,630 respectively.

In the international market, the price of yellow metal declined by $5 per ounce settling at $1,669.

A pullback in the dollar helped bullion to counter pressure from elevated US bond yields and hawkish remarks on future rate hikes from the Federal Reserve.

The Fed hiked interest rates by 75 basis points on Wednesday for a third consecutive time and signaled more increases are to come to tame soaring inflation.