Gold rises Rs200/tola in domestic market

Gold rates, Gold prices, Gold rates in Saudi Arabia

KARACHI: Gold prices increased by Rs200 to Rs96,300 per tola in the domestic market on Friday, ARY News reported.

Likewise, the price of 10 grams of yellow metal rose by Rs171 to Rs82,561.

Meanwhile, gold in the global market eased after five straight days of gains, but was still set for its largest weekly rise since December 2008 on safe haven demand as the coronavirus led to a surge in U.S. jobless claims and wreaked havoc on the global economy.

Autocatalysts platinum and palladium, meanwhile, were poised for their biggest weekly gains on record, as a lockdown in major producer South Africa stoked supply worries.

Read More: US dollar hits all-time high against rupee in interbank market

Spot gold fell 0.5% to $1,620.36 per ounce by 1104 GMT. U.S. gold futures slipped 1.6% to $1,624.40 per ounce.

“There’s some profit-taking after a strong rally,” Bank of China International analyst Xiao Fu said. “There’s still interest in gold as inflation hedge and as safe-haven. Over the medium to long term, these two properties will be enhanced.”

Read More: Gold price jumps Rs1600, reaches Rs96,100 per tola

“Very short term, there is significant uncertainty in terms of liquidity, and how people are responding to the policy measures.”

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