KARACHI: The price of 24 karat gold decreased by Rs2100 on Tuesday and was traded at Rs116, 400 against its price at Rs118, 500.
According to Karachi Sarafa Association, the price of 10-gram gold also decreased by Rs1801 and was traded at Rs99, 794 against its sale at Rs101, 595.
The price of per tola silver witnessed no change in its price and was traded at Rs1430 while that of 10-gram silver also remained stagnant at Rs1226 against.
The gold prices in the international market decreased by $27 and were traded at $1923 against $1950, the association reported.
Gold prices fell on Tuesday as hopes surrounding a potential COVID-19 vaccine and positive signals on the U.S.-China trade front buoyed risk sentiment and offset support for the metal from a weaker dollar.
Spot gold fell 0.3% to $1,926.06 per ounce by 1144 GMT. U.S. gold futures were down 0.2% to $1,936.10 per ounce.
“A stronger equity market is attracting investors more and that is erasing all the positive effects of a weaker dollar on gold,” said Commerzbank analyst Eugen Weinberg.
European shares gained, with investor confidence boosted by Washington and Beijing stating they were both dedicated to their Phase One trade agreement and some renewed hopes about the production of COVID-19 vaccines.
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