KARACHI, July 1(ABC): Gold price in Pakistan Friday extended losses as the yellow metal shed Rs400 per tola to settle at Rs141,100 as prospects of higher interest rates eroded its appeal.
The precious commodity lost Rs343 per 10 grams to settle at Rs120,970 per 10 grams, respectively.
Gold’s retreat came despite data showing Pakistan’s inflation — based on the consumer price index — showing a record-high inflation month. Analysts believe high inflation is in favour of precious metals; however, the price of gold lost its shine today.