ISLAMABAD: Gold prices in the country increased by Rs4,000 per tola on Friday, after going down by Rs5,400 a day earlier. According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold increased to Rs233,000 from Rs229,000. Similarly, the gold rate for 10 grams of 24-karat moved up to Rs199,750 from Rs196,350 with an increase of Rs3,400. The Pakistani rupee made a strong comeback against the US dollar in the open-market on Thursday, showing a significant appreciation from 314 to 295 against the greenback. TLTP
This pulled the gold prices down in the country as gold is priced in accordance with dollar-rupee parity. However, as the dollar recouped most of the losses against rupee on Friday, the local prices saw an uptick.
As of 1410 hours GMT, the gold futures in the international market were available at $1,964 per ounce, showing a decrease of $13.40 (-0.68 percent). Out of the $13.40 per ounce decrease, -$2.85 was due to strengthening of the US dollar and -$10.55 was due to predominant sellers, according to Kitco Gold Index.
The gold futures in the international market came under renewed bearish pressure on Friday after the data from the US revealed that non-farm payrolls rose 339,000 in May. The benchmark 10-year US Treasury bond yield recovered towards 3.65 percent, weighing on gold prices.
