KARACHI: Gold closed week with a meagre loss of Rs50 per tola, with the yellow metal remaining under pressure from expectations that the recovery phase will help stocks and currency stay firm.
The rates edged lower by Rs50 per tola to Rs126,100 and dropped by Rs43 per 10 grams to Rs108,110 compared to Friday’s prices.
Cumulatively, the gold gained only Rs100 per tola during the week.
It is pertinent to mention here that the association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.
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Meanwhile, gold extended declines at the international market and was set for its worst week since late November as growing expectations for US interest rate hikes pushed the dollar to a multi-month high, making bullion less attractive for overseas buyers
Spot gold fell 0.6% to $1,785.71 per ounce. It hit a six-week low of $1,779.20 earlier in the session and was headed to drop about 2.5% for the week.
