Gold price gains Rs650 per tola in Pakistan

Gold price gains Rs650 per tola in Pakistan

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Karachi: After precious commodities rose by 650 rupees/Torah and 557 rupees per 10 grams in the domestic market, the price of gold resumed its upward trend on Thursday.

Today’s gold and silver prices are stable at 125,100 rupees per Torah and 107,253 rupees per 10 grams.

Gold dealers lamented that despite the wedding season, the local demand for bullion is extremely dismal due to a “lack of purchasing power.”

One of the dealers mentioned that only slight demand can be seen in the market from investors who are keeping an eye on rupee-dollar parity.

In the international market, the gold prices rose by $20 per ounce to close at $1,788, boosted by a fall in the US dollar after the Federal Reserve decided to cease its pandemic-era bond purchases early next year.

With the economy approaching full employment and the U.S. central bank coping with soaring inflation, the Fed on Wednesday paved the way for three rate hikes by the end of 2022.

This put pressure on the U.S. dollar, which fell by about 0.4% against other currencies, making it cheaper to hold gold in other currencies.

“The main factor today is the performance of the US dollar,” said Ricardo Evangelista, senior analyst at ActivTrades.

Moving forward, with the Fed meeting out of the way, the real impact of the Omicron coronavirus variant on economic activity is the big question mark for gold, Evangelista added.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.

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