- Bullion prices settle at Rs113,700 with an increase of Rs400 per tola.
- In the global market, spot gold was flat at $1,735.17 per ounce.
- Silver prices in the domestic market remained unchanged at Rs1,400 per tola on Wednesday.
KARACHI: Gold prices recorded a gain of Rs400 per tola in the local market on Wednesday. The metal price was up Rs400 at Rs113,700 per tola and increased by Rs344 to Rs97,480 per 10 grams.
The rates of gold were Rs113,300 per tola and Rs97,136 per 10 grams on Tuesday.
However, it is pertinent to mention that gold rates in Pakistan are around Rs1,000 below the cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams on Wednesday.
Bullion prices in the international market
Gold prices were flat near a seven-week low on Wednesday, pressured by a rise in the dollar and US Treasury yields on growing expectations of an earlier-than-anticipated interest rate liftoff.
Spot gold was flat at $1,735.17 per ounce. On Tuesday prices fell to their lowest level since August 11 to $1,726.19.
Meanwhile, US gold futures were little changed at $1,735.90.
The dollar index hovered near a more than 10-month high, touched on Tuesday. The benchmark US 10-year Treasury yields held close to over three-month peak, increasing the opportunity cost of holding non-interest bearing bullion.
St Louis Federal Reserve President James Bullard cautioned high inflation may require more aggressive steps by the central bank, including two interest rate hikes in 2022.
Meanwhile, Fed Chair Jerome Powell said the US economy is still far from achieving maximum employment, a key component of the central bank’s requirements for raising interest rates.
China’s net gold imports via Hong Kong in August fell modestly from the previous month, Hong Kong Census and Statistics Department data showed on Tuesday.