KARACHI: Gold prices fell more than 0.5% on Friday as a confluence of factors, including a strong dollar and concerns about more interest rate increases, reduced the attraction of bullion.
The price of the precious metal decreased by Rs850 per tola and Rs728 per 10 kilos to settle at Rs153,850 and Rs131,902, respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).The price of gold is constrained and will remain constrained in the near future. After receiving further economic data and observing stability in the rupee-dollar parity, the market will only start moving in a particular direction.
The price of yellow metal fell by $24 per ounce on the global market, tumbling to $1,645 – its lowest level since April 2020.Gold is falling as a result of the resurgent dollar. The market is still searching for a top in the dollar and particularly in rates, which poses a challenge to the short-term forecast for the gold market.
