Gold slips to Rs112,800 per 10grams

ISLAMABAD, May 13: Spot gold price remained on the downward slide due to a stronger US dollar and hit their lowest level in more than three months on Friday.
As of 1245 hours GMT, gold in the international market was available at $1,812.40 per ounce, shedding $9.10 (-0.50 percent). Out of the $9.10 per ounce decrease, -$0.35 was due to strengthening of the US dollar and -$8.75 was due to predominant sellers, according to Kitco Gold Index.
The price of 10 grams of 24-carat yellow metal in Pakistan, decreased to Rs112,800 after shedding Rs600. Gold price in the local market settled at Rs113,400 on Thursday last. A relatively lower decrease in the local gold prices was due to Pakistani rupee’s continuous depreciation against the US dollar during the day. Spot gold (XAU/USD) prices continue to trade with a negative bias on the final trading day of the week. – NNI