KARACHI: Gold rates fell on Wednesday as the rupee rose from its lows and investors remained cautious ahead of the Reserve Bank of India’s monetary policy pronouncement later this week.
In the local market, the yellow metal dropped Rs300 to Rs125,700 per tola and Rs258 to Rs107,767 per 10 kilos.
Due to the dollar’s balanced demand and supply, the rupee index increased by 0.23 percent.
Gold prices rose up on the international front ahead of US inflation data, which might provide more direction on US monetary policy after comments from the Federal Reserve Chair raised bullion in the previous session.
The price of gold on the international market increased by $11 per ounce to $1,818 per ounce.
However, when compared to the gold pricing in the Dubai market, the gold prices in Pakistan are roughly Rs1,500 lower.
Meanwhile, silver prices in India stayed constant Monday at Rs1,450 per tola and Rs1,243.14 per ten gram.