Gold prices down by Rs1250 per tola

KARACHI: The gold prices on Tuesday decreased by Rs1250 per tola and is being currently traded at Rs92,100 in the local market, ARY News reported.

The price of 10-gram gold decreased by Rs1071 and traded at Rs78,960 in the domestic market.

In a leap of historic proportions on Monday, gold rates climbed to an all-time high with an increase of Rs2850 per tola.

The current value of the precious metal per tola stands at Rs93350.

10 grams of gold also recorded an upsurge in price with an increase of Rs2442, the overall value of the gold per 10 gram stands at Rs80032.

Meanwhile, gold prices erased early losses and inched up on Tuesday, as fears of a widespread conflict between the United States and Iran persisted, while palladium scaled a new high.

Spot gold rose 0.2% to $1,569.27 per ounce by 0741 GMT after falling as much as 0.7% earlier in the session, its biggest daily percentage decline in about a month. In the previous session, prices had touched $1,582.59, their highest since April 2013.

U.S. gold futures  edged 0.2% higher to $1,571.10. Warnings of new strikes and retaliation by both the United States and Iran stoked concerns about a broader Middle East conflict, which led to calls in the U.S. Congress for legislation to stop U.S. President Donald Trump going to war with Iran.