Gold price rises in domestic market

The price of per tola gold registered an increase of Rs100 to Rs106, 100 in the domestic market on Monday.

The rate of 10 grams of gold increased by Rs86 to Rs90, 963.

In the international market, gold prices hit a three-month high on Monday after last week’s miss on the U.S. jobs growth numbers kept the dollar under pressure and bolstered expectations that interest rates will remain low for some time.

According to Reuters, spot gold rose 0.5 per cent to $1,840.11 per ounce by 10:49 am. EDT (1449 GMT), after touching its highest since February 11 at $1,845.06 US gold futures gained 0.5pc to $1,839.90.

According to a commodity expert, the outlook of gold remains strong over the next week. Gold is expected to trade high, he added. He said that the situation in global and domestic equity markets remain weak, adding that this will pull investors towards gold which is considered a safe haven.

Monitoring Desk
Monitoring Desk
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