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Gold rates move up in domestic market

KARACHI: Gold prices continued their upward trend as the per tola price of the precious metal on Wednesday witnessed an increase of Rs150 to Rs113,000 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 Rs130 to Rs96,880.

Meanwhile, gold prices in the international market went up by 9 dollars to $1,853 per ounce.

Gold prices globally rose on Wednesday as the dollar weakened after U.S. Treasury Secretary nominee Janet Yellen underscored the need for a huge stimulus to help the economy recover from the coronavirus jolt, bolstering bullion’s appeal as an inflation hedge.

Spot gold gained 0.8% to $1,853.80 per ounce. U.S. gold futures added 0.7% to $1,852.80.

Silver climbed 1.1% to $25.47 an ounce. Platinum rose 1.3% to $1,097.10 and palladium gained 0.7% to $2,368.21.

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