Daily Times

Gold prices surged for the sixth successive session on Wednesday and hit fresh near-one month highs amid the retreating US treasury bond yield. As of 1405 hours GMT, gold in the international market was available at $1,975.90 per ounce, gaining $9.70 (+0.49 percent). Out of the $9.70 per ounce increase, -$1.95 was due to the weakening dollar and +$11.65 was due to predominant buyers, according to Kitco Gold Index.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, decreased to Rs115,700 after shedding Rs1,000. Gold price in the local market settled at Rs116,700 on Tuesday last. A decrease in local gold prices was due to overnight decrease in gold prices globally when the local market was closed. Moreover, strengthening rupee against the US dollar also impacted the prices negatively, as the rupee appreciated by 3.38 percent) against the dollar during the last four sessions.

Russia’s deputy foreign minister said on Wednesday Russia will view US and NATO vehicles transporting weapons on Ukrainian territory as legitimate military targets, comments that will escalate tensions with the West. The latest punchy Kremlin rhetoric comes after Putin said on Tuesday that peace talks with Ukraine hit a dead end. “We don’t intend to be isolated,” Putin further said, adding, “It is impossible to severely isolate anyone in the modern world – especially such a vast country as Russia.”