Daily Times

Gold prices surged over one-and-a-half percent in the international market on Friday last amid a decline of the US dollar and risk appetite. Gold in the international market closed at $1,817.80 per ounce on Friday last after gaining $24.20. The price of 10 grams of yellow metal in Pakistan increased to Rs97,300 on Saturday after gaining Rs1,200. The closing prices of the yellow metal in the country remained Rs96,100 on Friday last. The increase in prices in the local market was due to overnight jumps in gold price a day earlier. According to experts, gold prices rose more than $20 from the daily low, rising back to the weekly top at $1809. The positive tone remains intact despite the sharp rally that took place during the last hour on Friday. The trigger of the rally was the speech from US Fed’s Chairman Powell that sent the dollar to the downside. He mentioned the Fed could start scaling back its purchase programme this year, offering no specific timeline. He sees the surge in inflation fading over time, said the experts. They said that the Kabul airport bombing and escalating Delta Covid variant concerns are providing support to safe-haven gold.