Staff Reporter
Karachi
Gold rates in the local market dropped by Rs400 to Rs90,700 per tola on Tuesday.
Likewise, the price of 10 grams of the precious yellow metal decreased by Rs342 to Rs77,760.
Meanwhile, Gold eased in the global market today as investors booked profits after a near four-week high in the last session, but concerns about a rapidly spreading virus outbreak in China and its economic impact underpinned the precious metal.
Spot gold was down 0.2% at $1,572.87 per ounce by 0751 GMT, after hitting $1,591.46 in the previous session, its highest since Jan. 8. U.S. gold futures fell 0.3% to $1,577.20.
“Profit-booking is the main reason for gold to be down, as other factors have already been priced in,” said Ajay Kedia, a director of Kedia Advisory in Mumbai, referring to the U.S.-Iran tension and Brexit.
