Gold price continues to soar in domestic market

KARACHI: Gold prices continued their upward trajectory in the domestic market as per tola rate saw a hike of Rs1200 in Pakistan, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the per tola price rose to Rs125,100 in the domestic market.

The rate of 10 grams of gold also increased by Rs1029 to Rs107,253.

In international market, gold prices rose more than 1% on Friday, consolidating near the pivotal $1,800 level as the discovery of a new coronavirus variant hammered sentiment in global financial markets and pushed investors to safe havens, according to a Reuters report.

Spot gold rose 0.6% to $1,798.70 per ounce and U.S. gold futures GCv1 rose 0.8% to $1,798.60.

Elsewhere, platinum fell 3% to $965.92 while palladium dropped 6.4% to $1,741.51, en route to a weekly decline of 6.1% and 15.1% respectively.