KARACHI: Gold prices in domestic and international markets have witnessed a surge as precious metal traded at Rs113,250 per tola in Pakistan, ARY NEWS reported.
The per tola of precious yellow metal saw an increase by Rs250 and now cost Rs112,900, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.
Likewise, he added, the rate of 10 grams gold rose by Rs219 to Rs97,093.
According to a Reuters report, gold prices steadied on Wednesday as investors braced for the outcome of a U.S. Federal Reserve meeting and chief Jerome Powell’s remarks on reducing its massive support for the pandemic-hit economy.
Spot gold was little changed at $1,773.81 per ounce by 1110 GMT, while US gold futures fell 0.2% to $1,774.90.
“The markets are already pricing in an increasingly hawkish outcome and the nuances will be in (Powell’s) press conference,” StoneX analyst Rhona O’Connell said, adding the precious yellow metal is also seeing “some safe haven risk-hedging on the back of Evergrande.”
Read More: GOLD RATES MOVE UP IN PAKISTAN
Fed decision remains the focus and could determine its fate in the near term, as an eventual interest rate hike would raise the opportunity cost of holding non-interest-bearing gold.
Silver climbed 1.1% to $22.72 per ounce, while palladium gained 3.7% to $1,977.20. Platinum was 1.7% higher at $969.50. (Reporting by Arundhati Sarkar in Bengaluru; editing by Jason Neely).
