KARACHI: The gold rate in Pakistan fell little on Wednesday, following the worldwide market trend.
The rate of gold fell by Rs200 to Rs126,000 per tola but rose by Rs171 to Rs108,025 per gram.
On Tuesday, gold rates were Rs126,200 per tola and Rs108,196 per gram.
Meanwhile, domestic silver prices stayed constant at Rs1,460 per tola and Rs1,251.71 per ten gram.
The value of gold is falling on the worldwide market.
Gold prices fell from a one-month high reached in the previous session, as a stronger US currency and increasing interest for riskier assets dampened optimism.
Gold futures in the United States declined 0.6 percent to $1,800, while spot gold slipped 0.3 percent to $1,800.02 per ounce.
“The key market driver is the drop in the euro-dollar…the dollar is gaining, which is not good for gold,” said Carlo Alberto De Casa, a market analyst at Kinesis.
Despite the increase in Omicron instances, investors are waiting to see whether the US Federal Reserve will raise interest rates three times this year, according to De Casa, who also believes that central bank policies will be a market driver in 2022.
Bond yields rise when interest rates rise, making non-yielding bullion less appealing.