On Wednesday, the per tola gold price in Pakistan increased in both local and worldwide markets, trading at Rs116,700 per tola.
The per tola gold rate jumped in both the domestic and International markets on Wednesday, trading at Rs116,700 per tola in Pakistan. According to Muhammad Arshad, head of the All Pakistan Jewellers Manufacturers Association, the price of per tola gold in Pakistan has increased by Rs800, and the rare yellow metal now costs Rs116,700 per tola.
Similarly, the price of 10 grammes of the precious metal has increased by Rs686 to Rs 100,051.
Rates from across the world
Gold gained on Wednesday, according to Reuters, as investors waited for US inflation data, bolstered by fears of an economic impact from increasing oil costs and a slide in the currency.
By 1024 GMT, spot gold had risen 0.6 percent to $1,769.68 per ounce, while US gold futures had risen 0.7 percent to $1,770.60.
The benchmark 10-year Treasury rates fell from June highs as the currency fell, making bullion more affordable for international purchasers.
International inflationary pressures exist, and “gold is trying a little upside break, but there isn’t much in terms of momentum in the price action,” according to Ole Hansen, a Saxo Bank analyst.
Spot silver increased 1.2 percent to $22.81 per ounce, platinum remained unchanged at $1,007.51 per ounce, while palladium increased 1.2 percent to $2,070.15 per ounce.