Daily Times

Gold price surged for the second consecutive day on Thursday, though a strong dollar and US Treasury bond yield limit gold’s upside. As of 1405 hours GMT, gold in the international market was available at $1,952.80 per ounce, gaining $8.80. Out of a $8.80 per ounce increase, -$5.15 was due to the dollar’s strengthening and +$13.95 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 Rs113,800 after gaining Rs1,100. Gold price in the local market settled at Rs112,700 on Wednesday last. A relatively higher increase in the local price was due to overnight increase in the prices globally as the local market remained closed a day earlier due to a public holiday.

After climbing to its highest level in more than a week at $1,957, gold edged lower. The market mood turned sour after fresh tensions among the West, Russia and Ukraine resurfaced after US Secretary of State Antony Blinken announced that the government has formally accused Russian troops of committing war crimes in Ukraine. Adding fuel to the fire, the US and the UK offered additional military weapons help to Ukraine. In response, the Russian Foreign Ministry handed over a list of diplomats considered, “persona non grata” to the American Embassy in Moscow. Escalating tensions surrounding the Russia-Ukraine conflict revived gold and US government bonds amid renewed demand for safe havens.