Gold prices see big rise in domestic market

KARACHI: The per tola gold price on Thursday registered a massive increase of Rs2300 to Rs 119,000 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs1972 to Rs102,023.

International market

Gold rates in the international market touched a one-month high on Thursday, as a dip in the dollar and U.S. bond yields allowed investors to turn to bullion as an inflation hedge, according to Reuters

Spot gold was up 0.1% to $1,795.05 per ounce per ounce, having earlier hit its highest level since Sept. 15 at $1,799.95. U.S. gold futures gained 0.2% to $1,798.80.

Spot silver rose 0.8% to $23.24 per ounce, platinum gained 1.5% to $1,035.47 and palladium climbed 1.9% to $2,146.73.

Us dollar touches fresh peak against rupee

The United States (US) dollar continued its surge against the Pakistani rupee hitting a fresh peak in the inter-bank currency market on Thursday.

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According to the State Bank of Pakistan (SBP), the greenback closed at Rs171.20 against the local unit, registering appreciation of 7 paisas over the previous close of Rs171.13.

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.