Gold jumps to Rs112,400 per 10g despite US interest rate hike

Author: Monitoring Desk

Gold price surged around one percent on Thursday -the second day in a row – amid a decline in the benchmark 10-year US treasury bond yields.

As of 1340 hours GMT, gold in the international market was available at $1,943.90 per ounce, gaining $16.70. Out of a $16.70 per ounce increase, +$2.45 was due to the dollar’s weakness and +$14.25 was due to predominant buyers, according to Kitco Gold Index.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs112,400 with an increase of Rs1,600. Gold in the local market was available at Rs110,800 on Wednesday last. The Pakistani rupee depreciated 0.35 percent against the US dollar during the day, which impacted the local gold prices negatively.

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