Saturday, November 27, 2021

Gold prices see major hike in domestic, global markets amid growing inflation

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KARACHI: Gold prices in the domestic and international markets have witnessed a major hike amid growing inflationary pressure, ARY NEWS reported.

One tola of precious yellow metal rose by Rs1,700 to Rs125,700 per tola, according to Muhammad Arshad, chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, he said the rate of 10 grams gold increased by Rs1,457 to Rs107,767.

International prices 

According to a Reuters report, gold prices gained for a fourth consecutive session on Friday, and were on track for a second straight weekly gain as a weaker U.S. dollar and growing inflationary pressure boosted demand for the safe-haven metal.

Spot gold rose 0.6% to $1,793.59 per ounce by 1130 GMT, and was up 1.4% for the week.

Read More: US DOLLAR MARCHES PAST RS174 MARK AGAINST RUPEE

U.S. gold futures gained 0.7% to $1,795.00.

The dollar index headed for a second week of declines, lending support to gold by making it more attractive for buyers holding other currencies.

Spot silver gained 0.9% to $24.34 per ounce and was on track for a fifth consecutive weekly gain. Platinum rose 1% to $1,059.21, while palladium fell 0.4% to $2,009.10.

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