Gold prices fall by Rs 900

Gold on Friday further receded by Rs 900 per tola to Rs 93600 on the local market, traders said.

The precious metal was traded for Rs 80247 per 10 gram, down by Rs 771, and $1587 an ounce, down by $52 on the world market. Silver was selling for Rs 990 per tola, down by Rs 10, 848.76 per 10 grams, down by Rs 8.57, and $1580 an ounce, they added.

Pakistan imported 4 percent or $351,000 of more gold to $10.068 million during July-January 2019-20 from $9.717 million during July-January 2018-19, Pakistan Bureau of Statistics says. Import volume of the metal is down by 3.23 percent or 8 kilograms to 240 kilograms in July-January 2019-20 from 248 kilograms in July-Jan 2018-19.

Down by 7.13 percent or $69, 000, the country imported $899,000 of gold comparing to the yellow metal import of $968,000 in Jan 2019. Gold import quantity also dipped to 18 kilograms in January 2020 from 25 kilograms in January 2019, showing a fall of 28 percent or 7 kilograms.