Gold slips 1.67pc on weekly basis amid ease in Moscow-Kyiv conflict

37

Gold price went 1.67 percent down on a week-on-week (WoW) basis internationally as geopolitical concerns centring on Russia kept the market volatile.

Gold futures closed the week on a bearish note in the international market at $1,925.60 per ounce from $1,958.40, shedding $32.80 on a week-on-week basis.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, decreased by 0.62 percent to Rs113,700 from Rs114,400 during the last week.

A relatively lower decrease in local gold price was due to the Pakistani rupee’s depreciation against the US dollar, which devalued by 1.27 percent last week and it also impacted local gold prices negatively.—TLTP

 

Previous articleJapan may expand fuel subsidy to curb energy costs-minister
Next articleBitcoin falls to $46,193 as cryptos turn bearish