Gold prices again inceases by per tola in domestic market

The per tola gold price witnessed an increase of Rs 1,000 to Rs 117,500 in the domestic market.

Likewise, the price of 10-gram gold witnessed an increase of Rs 857 and was traded at Rs10,0737, said All Pakistan Jewelers Association.

According to Reuters, gold rebounded over 2% on Friday, a day after a steep sell-off, as the U.S. dollar weakened and the U.S. Federal Reserve signaled a prolonged low interest rate strategy.

Spot gold rose 1.8% to $1,964.47 per ounce by 02:25 p.m. EDT, taking gains this week to about 1.3%. Prices fell as much as 2.2% on Thursday after U.S. Treasury yields gained following a speech by Fed Chair Jerome Powell on the strategy. U.S. gold futures settled up 2.2% at 1,974.90.

Earlier on August 26, the gold prices had declined by Rs500 per tola and was traded at Rs116000 in the domestic market.

Likewise, the price of 10-gram gold had witnessed a decrease of Rs 428 and was traded at Rs99451, said All Pakistan Jewelers Association. Meanwhile, gold rates in the international market had fallen by $8 to $1,917 per ounce.

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