Gold rates move up in domestic market

KARACHI: Gold prices continued their upward trend in the domestic market as the per tola rate of the precious metal on Thursday witnessed an increase of Rs500, ARY News reported.

After the increase, the rate of per tola of the yellow metal rose to Rs125,000 in the domestic market, all Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said.

Similarly, the price of 10 grams of gold increased by Rs429 to Rs107,167 in the local market.

In the international market, Gold was boosted on Thursday by a fall in the U.S. dollar, after the Federal Reserve decided to end its pandemic-era bond purchases early next year, according to Reuters.

Spot gold was 0.5% higher at 1,785.60 per ounce by 1139 GMT. U.S. gold futures jumped 1.3% to $1,788.10.

Silver rose 0.6% to $22.19 per ounce. Platinum gained 1.4% to $931.05, and palladium leaped 5.2% to $1,679.22.