Gold prices go up in domestic market, decline globally

KARACHI: Gold prices have witnessed a surge in the domestic market while showing a declining trend in the international market on Wednesday, ARY NEWS reported.

The price of per told gold witnessed an increase of Rs550 in Pakistan on Wednesday as the per tola of precious yellow metal now costs Rs115,550, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, the rate of 10 grams of precious metal rose by Rs472 to Rs99,065.

International rates

Gold prices edged lower on Wednesday pressured by a resilient dollar and higher U.S. bond yields in the run-up to Friday’s U.S. labour market report that could determine the Federal Reserve’s tapering schedule.

According to a Reuters report, spot gold fell 0.2% to $1,756.30 per ounce by 1126 GMT, while U.S. gold futures shed 0.5% to $1,752.90.

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Some investors flocked to the dollar, which competes with gold as a safe-haven, to hedge against concerns that soaring energy prices could exacerbate inflation and slow growth.

Spot silver fell 1.4% to $22.35 per ounce, platinum slipped 0.8% to $954.00, and palladium shed 1.6% to $1,883.69.