Gold falls to Rs118,000 per 10gm

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Gold price edged lower on Tuesday due to a broad US dollar rebound amid a sharp upturn in the US Treasury bond yields.

As of 1225 hours GMT, the gold futures were available at $1,849 per ounce, showing a decrease of $5.10 (-0.28 percent). Out of the $5.10 per ounce increase, -$11.50 was due to strengthening of the US dollar and +$6.40 was due to predominant buyers, according to Kitco Gold Index.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, dipped to Rs118,000, showing a decrease of Rs500 (-0.42 percent). Gold price in the local market remained Rs118,500 on Monday last.—TLTP