Gold on downward trend amid trade optimism
Gold prices fell both in the local and international markets. In Pakistan, the price of gold per tola dropped by Rs1,600 on Monday, bringing it down to Rs347,100.
Similarly, the price for 10 grams of gold declined by Rs1,368, settling at Rs297,582, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Friday, the gold rate had also decreased, falling by Rs3,300 to close at Rs348,700 per tola.
International prices for Pakistan also weakened on Monday. According to the APGJSA, the international price stood at $3,289 per ounce, reflecting a $16 drop during the day.
Gold prices dipped for a second consecutive session on Monday as US-China trade tensions eased, with markets awaiting key economic data later this week.
Spot gold was down 0.6% at $3,297.10 an ounce. US gold futures rose 0.3% to $3,307.80, according to Reuters. "Optimism still persists over a US-China trade deal even though there is a lack of clarity," Zain Vawda, analyst at MarketPulse by OANDA, said.
Rupee slips
Meanwhile, the Pakistani rupee recorded a slight decline against the US dollar, slipped by 0.04% during inter-bank trading on Monday. By the end of the session, the rupee settled at 281.07, down by 10 paisas compared to the previous day's closing rate.
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