ISLAMABAD: The per tola of 24 karat gold was sold at Rs.213,700 in the local market on Thursday, ARY News reported quoting the All Sindh Sarafa Jewellers Association.
Likewise, 10 grams of 24 karat gold and 10 gram 22 karat gold were sold at Rs183,213 and Rs.169,945 respectively.
The rates of per tola and ten gram silver remained unchanged at Rs.2,600 and Rs.2,229.08 respectively.
However, the price of gold in the international market decreased by $13 to $2,032 from $.2,045, the Association reported.
Gold rates edged higher, helped by a softer U.S. dollar and the Middle East conflict lifting safe-haven appeal, while investors await further comments from a Federal Reserve official to gauge the central bank’s interest rate trajectory.
Spot gold rose 0.3% to $2,011.29 per ounce by 0955 GMT but was lingering near its five-week low hit in the previous session. U.S. gold futures also gained 0.3% to $2,013.40.
The U.S. on Wednesday put the Yemen-based Houthi rebels back on its list of terrorist groups, as the militants attacked their second U.S.-operated vessel in the Red Sea region this week.
Gold is buoyed by “a small geopolitical risk premium and small reversal lower in the dollar,” said Ole Hansen, Saxo Bank’s head of commodity strategy.
The dollar, opens new tab pulled back after hitting a five-week peak in the previous session as U.S. retail sales increased more than expected in December.
Traders will be watching out for remarks from Atlanta Fed President Raphael Bostic, who is expected to speak at two separate events later in the day.
Bostic on Sunday said inflation could “see-saw” if policymakers cut rates too soon, echoing Fed Governor Christopher Waller’s remark this week that the Fed should not rush to lower interest rates until lower inflation can clearly be sustained.
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