Gold rates record Rs900/tola increase

Business Report

KARACHI: Gold rates continued their upward trend in the domestic market on Monday as per tola price of yellow metal rose to Rs104,100 after an increase of Rs9,00.

Likewise, 10 gram gold price rose to Rs89,248 showing an increase of Rs771.

Rate of precious yellow metal in international markets increased by $15 per ounce to $1,772.44, resulting in an increase in domestic prices of gold.

Meanwhile, gold rates in international market held steady today (Tuesday) and were heading for their biggest quarterly rise in more than four years as fears over rising coronavirus cases around the world boosted demand for the safe-haven metal.

Spot gold was mostly unchanged at $1,770.77 per ounce by 0052 GMT, just $8.29 shy of a near eight-year high of $1,779.06, hit last week.

Bullion, with more than 12% gains this quarter, is on track for its best quarter since end-March 2016. Gold was also headed for its third straight monthly gain.

U.S. gold futures were flat at $1,781.20. Confirmed COVID-19 cases worldwide exceeded 10 million and deaths surpassed 500,000 over the weekend.