Gold prices see major hike in domestic market

KARACHI: Gold prices continued their upward trend for the fifth consecutive day as the per tola rate of the precious metal on Saturday witnessed increase of Rs1800 to Rs127,500 in the domestic market, ARY News reported.

Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs1543 to Rs109,310.

According to a Reuters report, gold prices gained for a fourth consecutive session on Friday, and were on track for a second straight weekly gain as a weaker U.S. dollar and growing inflationary pressure boosted demand for the safe-haven metal.

Spot gold rose 0.6% to $1,793.59 per ounce by 1130 GMT, and was up 1.4% for the week.

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U.S. gold futures gained 0.7% to $1,795.00.

The dollar index headed for a second week of declines, lending support to gold by making it more attractive for buyers holding other currencies.

Spot silver gained 0.9% to $24.34 per ounce and was on track for a fifth consecutive weekly gain. Platinum rose 1% to $1,059.21, while palladium fell 0.4% to $2,009.10.