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Gold price goes up in domestic market

KARACHI: The per tola gold price on Tuesday registered a minimal increase of Rs50 to Rs110,750 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs43 to Rs94,950 today.

Gold eased from a one-week peak on Tuesday as the dollar firmed, and held in a tight range as investors turned cautious ahead of the U.S. Federal Reserve Chairman Jerome Powell’s testimony to Congress later in the day.

Spot gold fell 0.1 percent to US$1,807.51 per ounce as US gold futures eased 0.1 percent to US$1,806.70.

Movements in gold are indicative of a “wait and see approach”, OANDA analyst Craig Erlam was quoted as saying by Reuters report.

Silver was down one percent at US$27.88 an ounce, having earlier hit a three-week peak at $28.31. Platinum fell 1.9 percent to US$1,248.06, while palladium declined 0.8 percent to US$2,377.19.

Yesterday, the per tola price of the precious metal registered an increase of Rs350, closing at Rs110,700 in the domestic market.

Read More: Gold prices fall in domestic market

In the international market, the precious metal rose more than one percent to a near one-week high on Monday, despite a jump in U.S. Treasury yields, as expectations for rising inflation triggered equity valuation concerns and drove investors towards the safe-haven metal.

According to a Reuters report, the Spot gold was up 1.3 percent at US$1,805.45 an ounce, having hit its highest since February 16 earlier in the session. US gold futures gained 1.6% to $1,805.10.

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