Gold prices witness spike in domestic, global markets

KARACHI: The per tola gold price on Wednesday registered a jump in the local and global markets, trading at Rs116,700 per tola in Pakistan, ARY NEWS reported.

The price of per told gold witnessed a hike by Rs800 in Pakistan as the per tola of precious yellow metal now costs Rs116,700, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, the rate of 10 grams of the precious metal also saw an increase by Rs686 to trade at Rs 100,051.

International rates

According to a Reuters report, gold rose on Wednesday, boosted by concerns of an economic hit from soaring energy prices and a retreat in the dollar, as investors braced for US inflation data.

Spot gold rose 0.6% to $1,769.68 per ounce by 1024 GMT, while US gold futures gained 0.7% to $1,770.60.

The benchmark U.S. 10-year Treasury yields eased from June highs, while the dollar retreated, making bullion cheaper for overseas buyers.

There are inflationary pressures on the global economy and “gold is attempting a small upside break, but there’s not much in terms of momentum in the price action”, said Ole Hansen, an analyst at Saxo Bank.

Spot silver rose 1.2% to $22.81 per ounce, platinum was little changed at $1,007.51, and palladium rose 1.2% to $2,070.15.