By Ali Imran
ISLAMABAD: Gold rate recorded a hike of Rs800 per tola for 24-karat gold on Thursday and was sold at Rs218,900 today after witnessing a decline on two consecutive days.
The 24-karat gold was sold at Rs218,100 per tola yesterday, according to the All Sindh Sarafa Jewellers Association.
After the recent hike, the rate of 10-gram of 24-karat gold was increased by Rs685 to Rs187,671.
The price of 10-gram of 22-karat gold was increased to Rs172,032.
The per tola price of 24 karat gold witnessed an increase of Rs.800 on Thursday and was sold at Rs.218,900 against its sale at Rs 218,100 the last trading day.
However, the prices of silver per tola and 10-gram of silver remained unchanged at Rs2,600 and Rs2,229.08 respectively. The gold price was increased by $2 to $2,050 in the international market from $2,048.
According to Reuters, gold prices climbed on Thursday, buoyed by a weakness in the dollar and Treasury yields, with investors awaiting crucial U.S. payrolls data that could help ascertain the Federal Reserve’s interest rate trajectory.
Spot gold rose 0.4% to $2,033.47 per ounce by 0945 GMT. U.S. gold futures gained 0.2% to $2,050.60.
Yields on 10-year Treasury notes hovered near a three-month low, while the U.S. dollar index fell 0.3% against its rivals, making gold less expensive for other currency holders.
“The biggest short-term concern is the risk that too many rate cuts have been priced in. With that in mind, Friday’s job report will be another important piece in the puzzle,” said Ole Hansen, Saxo Bank’s commodity strategy head.
Data this week showed gradual signs of a cooling labor market in the United States, with job openings falling to 2-1/2-year lows in October.
