Gold prices increase in Pakistan, international markets

KARACHI: Gold prices in domestic and international markets have witnessed a surge as precious metal traded at Rs114,150 per tola in Pakistan, ARY NEWS reported.

The per tola of precious yellow metal saw an increase by Rs700 and now cost Rs114,150, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, he added, the rate of 10 grams of the precious metal rose by Rs600 to Rs97,865.

International Gold rates

According to a Reuters report, gold eased on Friday as the dollar firmed on bets for interest rate increases but bullion still held above the pivotal $1,750 technical support level en route to a small weekly gain as worries about rising inflation and growth hurt risk sentiment.

Spot gold fell 0.2 percent to $1,753.67 per ounce by 0915 GMT. U.S. gold futures eased 0.2 percent to $1,754.30. The dollar held close to its highest level of the year, making gold more expensive in other currencies.

But bullion was up about 0.2 percent on the week as a retreat in the dollar on Thursday helped it bounce about 2 percent.

Silver was up 0.1 percent at $22.22 per ounce, platinum rose 0.2 percent to $965.11, while palladium fell 0.6 percent to $1,898.55.