Gold prices are dropping in the local market

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Karachi: The gold price per tola on Thursday saw a drop of 2,050 rupees to 104,300 rupees in the local market, ARY News reported.

Sharing the price of the precious metal, Muhammad Arshad, president of the Pakistan Jewelry Manufacturers Association, said that an average of 10 grams of gold had decreased by Rs 1,756 to Rs 89,420.

In the international market, gold rose on Thursday, buoyed by lower US Treasury yields, but a strong dollar limited bullion’s advance and kept near its nine-month low.

Spot gold rose 0.5 percent to $ 1719.67 an ounce at 1228 GMT, after falling on Wednesday to its lowest level since June 9 at $ 1701.40. US gold futures rose 0.1% to $ 1,717.70, it said Reuters.

Read more: The high price of gold in the local market

Earlier on March 1, gold prices rose to 92,839 rupees per 10 grams in the domestic market, indicating a 161 rupees rise from Saturday.

By sharing the price of the precious metal, Muhammad Arshad, head of the Pakistan Jewelry Manufacturers Association, said that the gold price per tola had registered an increase of 200 rupees to 108,300 rupees in the local market.

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