Gold price rises in domestic market

KARACHI: Gold prices continued their upward trend as the per tola price of the precious metal on Thursday witnessed an increase of Rs 500 to Rs 108,500 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 Rs429 to Rs 93,021.

In the international market, gold prices rose on Thursday as concerns over the more infectious Delta variant of COVID-19 bolstered its safe-haven appeal, ahead of U.S. jobs data seen as crucial to the Federal Reserve’s policy outlook.

Spot gold gained 0.4% to $1,776.40 per ounce by 0710 GMT and U.S. gold futures climbed 0.4% to $1,776.50.

Silver rose 0.4% to $26.22 per ounce, palladium fell 1% to $2,751.5 and platinum gained 0.1% to $1,073.5.

Dollar

The rupee appreciated by Rs10.51 against the United States (US) dollar in the interbank currency market in the fiscal year 2020-21.

On Wednesday, the local unit closed at Rs157.54 against the greenback on the last day (June 30) of the fiscal year, 20 paisas or 0.13 per cent stronger than the previous close of 157.74 in the interbank market.

The rupee rose by 6.2 per cent or Rs10.51 in the currency market during the last fiscal year.