Gold prices edged lower in the international market for the second consecutive day on Thursday ahead of the US Federal Reserves’ annual economic policy conference.
At 1300 hours GMT, gold in the international market was available at $1,786 per ounce after shedding $5.50. The price lowered due to the strength shown by the US dollar on the day.
However, the price of 10 grams of yellow metal in Pakistan increased to Rs95,600 after gaining Rs100. The closing prices of the yellow metal in the country remained Rs95,500 on Wednesday last.
The increase in prices in the local market was due to the recent depreciation of Pakistani rupee against the US dollar.
According to experts, gold has resumed its bearish momentum, extending losses further below the $1,800 mark while targeting the weekly lows of $1,777. —TLTP