Gold price jumps by Rs700 per tola

KARACHI: The price of 24 karat gold jumped by Rs700 and was traded at Rs87,300 per tola, ARY News reported on Monday.

10-gram price of the precious yellow metal also witnessed an increase of Rs600 and was traded at Rs74,845.

Gold prices on Saturday fell by Rs1,200 to Rs86,600 per tola in the local market.

According to details, the per tola rate of the precious yellow metal also dipped to Rs86,600 from Rs87,700.

It must be noted that gold prices jumped 1% on Monday as attacks on Saudi Arabia’s oil facilities dented risk appetite, boosting demand for the safe-haven bullion, while investors awaited for clues on monetary easing from major central bank meetings due this week.

Read More: Gold jumps 1% as attacks on Saudi Arabia lift safe-haven bets

Spot gold was up 1% at $1,503.60 per ounce, as of 0601 GMT. Prices had dipped 1.2% in the previous week on hopes that an end to the U.S.-China trade tiff could be near.

U.S. gold futures rose 0.8% to $1,511.40 per ounce.

The attacks on Saudi oil installations have led to a rotation of interests out of stocks and into safe-havens, said OANDA analyst Jeffrey Halley.