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Sunday, April 21, 2024  
09 Shawwal 1445  

Gold price declines by Rs1,200 to settle at Rs214,100/tola

International gold prices inched higher on Friday
A trader displays gold bangles at a jeweller shop in this undated photo. — AFP
A trader displays gold bangles at a jeweller shop in this undated photo. — AFP

The price of gold dropped by Rs1,200 to stand at Rs214,100 per tola for selling on February 24 in Pakistan, dealers said.

Similarly, gold 10 grammes also recorded an increase of Rs1,029 to settle at Rs183,556 in the local market on Friday.

In the international market, gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker US dollar and growing tensions in the Middle East lifted bullion’s appeal.

Spot gold was up 0.1% at $2,025.7 per ounce, and has gained 0.7% so far in the week while US gold futures edged 0.2% higher to $2,035.3 per ounce.

“There’s a decent amount of physical buying, especially from the central banks, and the fact that the dollar has not really moved is also giving gold an element of support,” Marex analyst Edward Meir said.

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