Gold prices fall further in local market

Gold prices fall further in local market
Gold rates dropped by Rs650 to Rs103,700 per tola in the domestic market on Tuesday.

Likewise, the rate of 10 grams of yellow metal recorded an Rs556 drop and was traded at Rs88,906, according to Muhammad Arshad, chairman of the All Pakistan Jewelers Manufacturers Association.

In the International market, gold gained on Tuesday as a rise in U.S. Treasury yields stalled and the dollar steadied near multi-week lows.

Spot gold was up 0.4% to $1,775.46 per ounce, after hitting $1,789.77 on Monday, its highest level since Feb. 25.

U.S. gold futures climbed 0.3% to $1,775.60.

The Pakistani rupee depreciated six paisas against the United States (US) dollar in the interbank currency market on Tuesday.

According to the State Bank of Pakistan (SBP), the local currency closed at 152.99 against the greenback, registering depreciation of six paisas over the previous close of Rs152.99.



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