Gold prices rise in Pakistan

KARACHI: The price of gold rose by Rs350 per tola in the domestic market on Wednesday.

Precious yellow metal is being traded at Rs130,300 per tola, according to Muhammad Arshad, chairman of the All Pakistan Jewellers Manufacturers Association.

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Likewise, the price of 10 grams gold increased by Rs300 to Rs111,711.

In the global market, gold prices hit a one-month high as rising consumer prices boosted its appeal as an inflation hedge, while investors seemed to look past an impending interest rate hike by the Federal Reserve as well as a stronger dollar, according to Reuters.

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Spot gold rose 0.6% to $1,978.81 per ounce by 12:36 p.m. ET (1636 GMT), after touching its highest since March 14 at $1,979.95. U.S. gold futures rose 0.3% to $1,982.6.