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Gold pulls back as rupee strengthens, price drops by Rs1,900 per tola


A salesman helps a customer (R) to select gold bangles at a jewelry showroom in Mumbai, India, May 21, 2015. Reuters/File
A salesman helps a customer (R) to select gold bangles at a jewelry showroom in Mumbai, India, May 21, 2015. Reuters/File
  • The yellow metal settles at Rs126,200 per tola and Rs108,196 per 10 grams in the domestic market.
  • The international gold price drops by $3 per ounce to $1,863.
  • Interest rate hikes tend to reduce non-interest bearing gold’s appeal as it raises the metal’s opportunity cost.

KARACHI: Gold prices slipped on Monday as the rupee ticked up from its lows and investors showed caution in the run-up to the announcement of a monetary policy next week.

The yellow metal lost Rs1,900 to settle at Rs126,200 per tola and Rs1,629 to fall to Rs108,196 per 10 grams in the domestic market.

The rupee index inched 0.25% higher, owing to strong remittance inflows.

On the international front, gold prices edged lower, pulling back from a more than five-month peak hit in the previous session, as cautious investors assessed whether rising inflation would prompt a more aggressive response by central banks.

Interest rate hikes tend to reduce non-interest bearing gold’s appeal as it raises the metal’s opportunity cost.

The international gold price fell by $3 per ounce to $1,863.

Cumulatively, the precious commodity had gained Rs4,800 or 3.89% per tola during the last week, according to All Sindh Saraf and Jewellers Association (ASSJA).

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

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