Gold prices continue to rise in Pakistan

KARACHI: Gold prices continued their upward trend in the domestic market as the per tola rate of the precious metal on Monday witnessed an increase of Rs300, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that after the increase, the rate of per tola of the yellow metal rose to Rs124,450 in the domestic market.

The price of 10 grams of gold increased by Rs215 to Rs106,696 in the local market.

International rates

According to a Reuters report, gold steadied on Monday as the market focus pivoted to this week’s Federal Reserve meeting to learn how quickly it plans to unwind economic support measures introduced in response to the coronavirus pandemic.

Spot gold was last up 0.3% at $1,787.61 per ounce as of 1205 GMT. U.S. gold futures gained 0.2% to $1,788.50.

Prices rose as much as 0.8% on Friday following data showing U.S. consumer prices rose further in November, leading to the largest annual gain since 1982.

“In the short- to medium-term, gold’s not going to be going anywhere until we get an idea of how much the Fed accelerates tapering and whether or not they are particularly hawkish in their statement, which could help yields and pressure gold,” said Michael Hewson, chief market analyst at CMC Markets UK.

Spot silver was up 0.2% at $22.20 per ounce, platinum fell 0.3% to $939.50, and palladium was down 0.6% at $1,750.69.