Gold price plummets to Rs90,000 per 10gm


Gold price remained in a descending movement for the fifth straight session on Thursday, lowering below the psychological level of $1,800 an ounce.

At 13:40 GMT, gold in the international market was trading at $1,789 an ounce after losing $23.90 an ounce in its value as compared to its closing value on Wednesday last. The US Federal Reserve’s hiking of interest rates is the main reason for gold’s drop down.

Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs90,000 with a loss of Rs3,800, as international closing price of gold on Wednesday during the Asian trading hours was up as compared to the closing price. The price of yellow metal in the country remained Rs93,800 on Wednesday.

According to experts, if this sort of pressure on gold continues, gold could see its levels being trimmed to around $1,780 over the weekend.

After Wednesday’s announcement, stocks fell and government bond yields rose as investors anticipated a tighter Fed policy, including the likelihood that the bond purchases will slow as soon as this year.—TLTP

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