Tuesday, October 4, 2022

Gold price reaches Rs87,900 per tola

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KARACHI: Gold Prices in the country continued to climb upward as per tola price of gold increased by Rs200, according to all Pakistan jewelers association.

The current price of gold stands at Rs 87900 per tola.

Likewise, the price of 10-gram gold was traded at Rs75,360 against the last closing of Rs 75188.

Meanwhile, gold prices in the international market rose to their highest in more than two months on Monday in thin year-end trading as the dollar dipped and U.S. military strikes in the Middle East drove investors towards the safe-haven metal.

Spot gold rose 0.3% to $1,514.94 per ounce by 0359 GMT. Earlier in the session, prices hit their highest since Oct. 25 at $1,515.80. U.S. gold futures were unchanged at $1,518.

“We are looking at pre-positioning for next year and a rebalancing of portfolios ahead of year end, overlaid with very low liquidity levels, that are essentially exacerbating the volatility and making these moves appear exaggerated,” said Ilya Spivak, a senior currency strategist at DailyFx.

Gold is receiving modest support from the U.S. airstrikes in the middle east, Spivak added.

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