The value of gold fell in the domestic bullion market as the price of 24-karat gold dropped by Rs2,050 and closed at Rs118,600 per tola.
Gold price dropped on Friday as the US dollar made progress while investors shifted their focus to the forthcoming Fed’s policy meeting pertaining to further guidance owing to rising inflation expectations.
In international markets, the gold rate plunged by $8 to $1794 an ounce while silver was valued at $24 per ounce.
As per data sourced by Karachi Sarafa and Jewelers Association, the price of 10 grams of 24k gold also toppled by Rs1,758 and traded at Rs101,680 while 10 grams of 22k gold was traded at Rs93,207.
The value of 24 karat silver dropped by Rs20 to reach Rs1,440 and the price of 10 grams of 24 karat silver fell by Rs17.15 to stand at Rs1,234.56.
