Gold price cut by Rs450 a tola

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KARACHI: Gold price in the local markets has slashed by Rs450 a tola, ARY News reported.

While, price on 10 gramme gold has reduced by Rs384. So the new price for 10 gramme (24 carat) gold is Rs61,417 and for one tola (24 carat) gold is Rs71,700.

On the other hand, gold price in the international market has become 1,290 dollar an ounce now.

On March 7, gold had inched lower, holding near a five-week low as a firm dollar and improved appetite for riskier assets dented the appeal of bullion, while investors awaited further clarity on the US-China trade dispute.

Read More: Gold retreats as dollar steady

Spot gold had been down 0.1 per cent to $1,285.41 an ounce, close to its lowest since Jan 25 at $1,280.70 hit in the previous session. US gold futures had been up about 0.2pc at $1,286.80.

“The recovery of the US dollar is a negative element and the general risk-on sentiment is not particularly good for gold,” ActivTrades chief analyst Carlo Alberto De Casa had said. “The main (equity) market driver has been the optimism surrounding trade talks between the US and China.”

The dollar had hovered near a two-week high hit in the previous session, making gold more expensive for holders of other currencies.

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