Gold sees a dip of Rs2,000 per tola in domestic bullion

February 08, 2023 (MLN): The demand for the safe haven gold in the domestic bullion has subdued by Rs2,000 per tola for 24 karat to stand at Rs198,000 while the price of 10 gram 24 karat also dropped by Rs1,715 and was traded at Rs169,753.

The price of ten-gram 22 Karat gold clocked in at Rs155,607 as per data revealed by the All Sindh Saraf Jewellers Association.

Similarly, the 24-karat silver and ten-gram silver witnessed a fall of Rs60 and Rs51.44 to Rs2,170 and Rs1,860.42, respectively.

Internationally, gold extended gains to a third session on Wednesday, up by $11 to stand at $1,880 per ounce on the back of a weaker dollar and comments from U.S. Federal Reserve Chair Jerome Powell while markets awaited more economic data for guidance on future rate hikes.

According to Reuters, the dollar index was down 0.3% on the day after Powell avoided hardening his tone on inflation despite a resilient labor market.

A weaker dollar makes gold a more attractive bet for overseas buyers.

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