KARACHI: The price of gold witnessed an increase of Rs300 per tola in Pakistan on Wednesday, ARY News reported.
The per tola of precious yellow metal now costs Rs113,700, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.
Likewise, the rate of 10 grams gold rose by Rs257 to Rs97,479.
In the International market, gold prices edged higher on Wednesday as a slight dip in U.S. bond yields provided support against growing expectations of quicker-than-expected U.S. interest rate hikes that also pushed the dollar to a multi-month high.
Spot gold rose 0.3% to $1,739.36 per ounce, recovering from a one-month low hit on Tuesday.
U.S. gold futures edged 0.2% higher to $1,741.00.
Silver fell 0.8% to $22.26 per ounce. Platinum was flat at $967.38, while palladium gained 1.5% to $1,903.90.
US dollar
The United States dollar has surged to a historic high in Pakistan’s open market as it trades above the Rs172 mark on Wednesday after gaining Rs0.20 over the bleeding rupee.
In the past four months alone, the dollar value has jumped Rs18 as on May 7, it stood Rs152.28.
This surge in the open market followed the bullish inter-bank trade which, too, noted routing of local currency against the greenback.
The post Gold price goes up in Pakistan appeared first on ARY NEWS.
from Business – ARY NEWS https://ift.tt/3ul2hJO
0 Comments