Gold price reaches Rs89,700 per 10gm


Gold price in the international market went down for second straight day on Wednesday, after touching its highest since February 11 at $1,845.06 on Monday last.

At 1338 hours GMT, gold in the international market was trading at $1,834.70 an ounce after shedding $4.20 an ounce in its value as compared to its closing value on Tuesday last.

Though markets in Pakistan are closed due to a lockdown, the price of10 grams of yellow metal in the country has reached Rs89,700 after shedding Rs200. The closing price of 10 grams gold was recorded at Rs89,900 on Tuesday last.

According to the experts, gold futures edged lower pressured by firmer Treasury yields and US dollar ahead of US consumer price data.

The much-anticipated US consumer inflation report is forecast to show a 3.6% rise in year-on-year prices.

Higher inflation will likely add pressure on the Fed to bring forward rate rises, and weigh on gold, which bears no interest.—APP

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