Gold prices slipped over half a percent in the inter-national market on Wednesday amid profit taking ahead of the US Federal Reserves’ annual economic policy conference.
At 1330 hours GMT, gold in the international mar-ket was available at $1,794.30 per ounce after shed-ding $9.70. However, the price of 10 grams of yel-low metal in Pakistan increased to Rs95,500 after gaining Rs100.
The closing prices of the yellow metal in the coun-try remained Rs95,400 on Tuesday last. The in-crease in prices in the local market was due to de-preciation of the Pakistani rupee against the US dollar.
Gold has been on an explosive run throughout Au-gust, with the precious metal notching up a third consecutive week of gains.
Gold prices surged back above the key $1,800 an ounce mark on Tuesday after briefly dipping below $1,680 an ounce earlier this month. —TLTP