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Gold price jumps Rs1600, reaches Rs96,100 per tola

KARACHI: Gold prices, extending an upward trend, increased by Rs1600 and was traded at Rs96,100 per tola in the domestic market, ARY News reported on Wednesday.

Likewise, the price of 10 grams of yellow metal increased by Rs1372 to Rs82,390.

The United States (US) dollar gained to record levels in the interbank market against Pak rupee on Thursday.

The US Dollar (USD) registered Rs4.90 hike against the PKR bumping its value to Rs166. The US Dollar is being traded in the interbank market at around 166.50 rupees.

The dollar has gained Rs6.50 in the past three days.

Meanwhile, gold prices fell on Thursday in the international market as expectations of a surge in U.S. jobless claims due to the coronavirus outbreak eclipsed a massive U.S. stimulus package and kept alive a rush for cash among investors.

Spot gold was down 0.7% to $1,602.06 per ounce by 0751 GMT, after falling 1% earlier in the session.

“There is no positive growth story here until business reopens, and that might see all these assets, that have been benefiting from the U.S. Federal Reserve’s (recent) stimulus announcement, including gold, come back down,” said DailyFx currency strategist Ilya Spivak.

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