KARACHI: Gold rates in the domestic market registered a drop of Rs400 per tola on Monday, media reported.
According to details, per tola price of yellow metal decreased to Rs94,400 while that of 10 grams by Rs342 to Rs80,932.
In the global market, gold prices rose above the $1,700 per ounce level Monday for the first time in more than seven years, after a stock market rout due to concerns over a widening coronavirus outbreak and its economic impact drove investors towards safe-haven assets, Reuters adds.
Spot gold rose 0.7% to $1,686.22 per ounce by 0325 GMT, having touched its highest since December 2012 at $1,702.56 earlier in the session. U.S. gold futures gained 0.9% to $1,687.80 per ounce.
“It is a massive flight to safety as the Chinese trade data was really bad, much worse than expected, Italy quarantined a quarter of their population (due to the coronavirus) and stock markets are down,” said Jeffrey Halley, a senior market analyst at OANDA.
