Gold prices see big rise in local market

The per tola gold price on Wednesday registered a massive increase of Rs950 to Rs 113,650 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs814 to Rs97,436.

In the international market, gold hit by a bout of technical selling after it failed to hold above the key $1,800 level as investors looked past a subdued dollar and sought clarity on the U.S. Federal Reserve’s tapering strategy.

Spot gold fell 0.6% to $1,793.81 per ounce by 11:13 am EDT (1513 GMT), while U.S. gold futures eased 0.6% to $1,796.00.

The yellow metal, however, got some support from a 0.1% fall in the dollar index.

Palladium gained 1.9% to $2,016.08, after falling to a more than one-year low on Tuesday. UBS earlier on Wednesday lowered its palladium price forecast to $2,000 per ounce.

The US dollar on Wednesday broken its all-time high record against the Pakistani rupee in the interbank market.

The value of the US dollar after surge of 0.31 paisa today touched the all-time high against the Pakistani rupee and closed at Rs.169.25.