Gold prices witness spike in Pakistan, decline globally

KARACHI: The per tola price of gold witnessed an increase of Rs550 in the domestic market of Pakistan on Thursday, ARY News reported.

All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the per tola price rose to Rs123,600 in the domestic market.

The rate of 10 grams of gold also increased by Rs471 to Rs106,009, he added.

In international markets, gold struck a one-month low on Thursday as U.S. Federal Reserve Chairman Jerome Powell’s comments on the need to tame inflation bolstered bets for faster monetary policy tightening and offset Omicron-driven safe-haven inflows into bullion.

Spot gold was last down 0.2% at $1,778.81 per ounce by 1304 GMT, having earlier hit its lowest since Nov. 3.

U.S. gold futures dropped 0.1% to $1,782.50. Spot silver rose 0.7% to $22.46 per ounce and platinum gained 1.2% to $944.54.

Palladium fell 0.3% to $1,741.35 per ounce.