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Gold is losing its luster due to further fall in prices IV News

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Gold is losing its luster due to further fall in prices. Gold prices fell more than 0.5% on Friday as a cocktail of factors from the stronger dollar and concerns about further interest rate hikes dampened the appeal of bullion.

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Data released by the All Pakistan Bullion Gems and Jewelers Association (APSGJA) showed that the precious metal fell by Rs 850 per tola and Rs 728 per 10 grams to Rs 153,850 and Rs 131,902 respectively.

Gold is stuck in a range and will remain in a range in the near future. The market will break in one direction only after getting more economic data and seeing stability in the rupee-dollar parity.

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Read more: Dollar continues to rise, rises by Rs 1.07 in Interbank

In the international market, the yellow metal fell by $24 an ounce to $1,645 – the lowest since April 2020.

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The new strength of the dollar is pushing gold down. The short-term outlook for the gold market is still challenged by the market looking for a peak in the dollar and particularly yields.

While gold is considered a safe investment in times of political and financial uncertainty, rising rates have diminished its appeal as it offers no interest.

The price of gold in Pakistan is about Rs 2,000 less than the price in Dubai market.

Meanwhile, silver remained unchanged at Rs 1,570 per tola and Rs 1,346.02 per 10 grams in the domestic market.

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