Gold price continues upward trend in Pakistan

KARACHI: Gold prices continued their upward trajectory in Pakistan as per tola rate saw a hike of Rs1000 in the domestic market on Monday, 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 Rs123,800 in the domestic market.

The rate of 10 grams of gold also increased by Rs857 to Rs106,138.

In the international market, gold steadied near $1,800 an ounce on Monday after the previous week’s broad decline, as fears that the new Omicron coronavirus variant could hamper economic recovery tempered expectations for interest rate hikes next year, according to a Reuters report.

Gold price continues to soar in domestic market

Gold prices edged higher on Monday as concerns over the impact of the Omicron coronavirus variant offset a stronger dollar, with investors assessing whether the emergence of the variant could change the U.S. Federal Reserve’s hawkish stance.

Spot gold rose 0.2% to $1,794.87 per ounce, while U.S. gold futures advanced 0.5% to $1,794.20.

Spot silver rose 1% to $23.37 per ounce. Platinum gained 1.6% to $968.83, while palladium added 2.4% to $1,790.37.