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Gold prices rise by Rs1,600 per tola in domestic market

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Web Desk
Web Desk
News Stories Posted by ARY News Digital Team

KARACHI: The per tola gold price witnessed an increase of Rs1,600 to Rs110,700 in the domestic market on Wednesday, ARY News reported.

Likewise, the rate of 10 grams of the precious metal increased by Rs1,372 to Rs94,907, according to the All Pakistan Jewelers Association.

Meanwhile, gold, in the international market, witnessed an increase of $33 and was traded at $1,831 per ounce.

According to Reuters, gold rose to over a one-week high on Wednesday supported by a soft dollar, while signs of progress in discussions over a new U.S. coronavirus relief package bolstered bullion’s appeal as a hedge against possible inflation.

Spot gold rose 0.6% to $1,825.41 per ounce by 1200 GMT, having earlier hit $1,832.20, its highest since Nov. 24. U.S. gold futures gained 0.6% to $1,829.30.

Read More: Gold price drops by Rs800 in Pakistan

Earlier on November 13, the price of gold had been dropped by Rs800 per tola in the domestic market.

A tola of yellow metal had reached Rs109,000, according to rates shared by Chairman of the All Pakistan Jewelers Manufacturers Association Muhammad Arshad. Similarly, the rate of 10 grams of gold had been dropped by Rs685 to Rs93,449.

 

 

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