Gold soars by Rs1,100 per tola

KARACHI: Domestic gold prices on Wednesday hit a new all time peak of Rs69,600 per tola and Rs59,671 per 10 grams, respectively, up by Rs1,100 and Rs943 from Tuesday.

All Sindh Sarafa Jewellers Association (ASSJA) said domestic rates were increased after $16 per ounce rise in global gold price to $1,344.

From Jan 2018 till to date, one tola and 10 grams rates have soared by Rs13,400 and Rs11,500, respectively, after a jump of $40 per ounce in global bullion price.

On Jan 1, 2018, one tola and 10 grams rates were Rs56,200 and Rs48,171, respectively, based on world gold price of $1,304 per ounce.

According to BIPLS Research, gold prices have hit their highest since April 19, 2018 as the dollar was capped on falling US Treasury yields and optimism surrounding trade talks between the United States and China.

Spot gold was up 0.2 per cent at $1,343.51 per ounce after rising to a high of $1,346.73 earlier in the session.

Investors are now looking ahead to the release of US Federal Open Market Committee’s minutes from its Jan 29-30 policy meeting.