Gold recoups losses, price rises by Rs400 per tola in Pakistan

KARACHI: Gold recovered some of its recent losses on Tuesday, despite a firmer dollar and increasing fears about an oversized rate hike by the US Federal Reserve.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the precious metal rose Rs400 per tola and Rs343 per 10 grams to settle at Rs155,100 and Rs132,973 respectively.
The local market is expected to see some choppy, sideways trade this week. Speaking to Geo.tv, AA Commodities Director Adnan Agar said that the prices may decline further in the local market in line with the international prices; however, rupee depreciation will arrest some of the losses
Moreover, rising political and economic risks are doing little to entice haven buying, with the US dollar still the asset of choice.-PNP