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Friday, December 01, 2023  
16 Jumada Al-Awwal 1445  

Gold price up by Rs2,000 to Rs214,800/tola

The yellow metal also recorded increase in the international market
An image of gold necklace showcased in a jewellery shop. — AFP/File
An image of gold necklace showcased in a jewellery shop. — AFP/File

The prices of gold recorded a hike in the domestic market of Pakistan on Wednesday after the prices increased in the international market.

Gold per tola increased by Rs2,000 to hit Rs214,800 in the local market. The price of 10 grammes of gold was also up by Rs1,714 to reach Rs184,156.

In the international market, gold bullion recorded an increase of $23 to hit $1,988 per ounce on Wednesday.

International gold prices rose to a more than one-week high on Wednesday as US dollar and Treasury yields weakened after cooler inflation data boosted bets that US rate cut might come sooner than earlier priced in by investors, Reuters reported.

Investors now await US retail sales and producer price figures due at 1330 GMT. Economists polled by Reuters were forecasting producer prices rose 0.1% last month, compared with a 0.5% increase in September.

“After yesterday’s softer-than-expected inflation, today’s data release could compound the losing streak for the US dollar, should the figures fall below expectations. Against this background, risk is on the upside for gold,” said ActivTrades senior analyst Ricardo Evangelista.

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