Gold falls to Rs118,500 per 10gm

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Gold price inched up for the second straight session on Monday as a weaker dollar and falling US Treasury bond yields helped increase demand outlook for greenback-priced bullion.

As of 1220 hours GMT, the gold futures were available at $1,854.50 per ounce, showing a gain of $0.40 (+0.02 percent). Out of the $0.40 per ounce increase, +$3.10 was due to weakening of the US dollar and -$2.70 was due to predominant sellers, according to Kitco Gold Index. The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, dipped to Rs118,500, showing a decrease of Rs750.

Gold price in the local market remained Rs119,250 on Friday last. A decrease in the local gold prices was due to the Pakistani rupee’s appreciation against the US dollar, which appreciated by 0.35 percent during the day.