KARACHI: Gold prices fell by Rs500 to Rs95,500 per tola in the domestic market on Tuesday.
Likewise, the rate of 10 grams of the precious metal decreased by Rs428 to Rs81,875.
Last week, per tola price of gold had surpassed the Rs100,000 mark for the first time in the country’s history. The price of the yellow metal rose Rs700 to an all-time high of Rs100,400 per tola.
Meanwhile, gold in the global market today recovered from early losses as a rout in oil prices boosted demand for safe haven assets and countering the impact of a rise in the dollar.
Spot gold was steady at $1,692.77 per ounce by 0818 GMT, having slipped 0.5%. U.S. gold futures were steady at $1,711.80.
“Panic selling in one asset class – oil – is pushing safe haven buying in gold. Even equities are down globally, which is (also) positive,” said Jigar Trivedi, commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai.
Bullion on Monday jumped as much as 1% as U.S. crude futures fell below zero for the first time.