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Gold hits six-year peak: Local prices surge to Rs78,100 per tola

Gold hits six-year peak: Local prices surge to Rs78,100 per tola

KARACHI: Domestic one tola and 10 gram gold prices o hit fresh peak of Rs78,100 per tola and Rs66,958 per 10 grams, respectively, as international bullion prices surpassed $1,400 before retreating, still holding near a six-year high on the US central bank’s dovish stance on monetary policy. Locally, gold prices saw a surge of Rs800 per told and Rs686 per 10 grams over Thursday’s rate.

All Sindh Saraf Jewellers Association (ASSJA) issued local rates based on $13 per ounce hike to $1,394 on the world markets.

Internationally, prices also found support from worries about a potential US military strike against Iran and a global trade conflict.

Prices surged to $1,410.78 earlier in the session, a high not seen since early September, 2013, and were set to mark their best week in over three-years.

Bullion rates have jumped more than 5pc since the US Federal Reserve on Wednesday hinted interest rate cuts were possible later this year, as it responded to increased economic uncertainty and tepid inflation. US gold futures dipped 0.1pc to $1,395.50 per ounce.

“Gold is seeing a continuation move from bullish comments throughout the week, most notably the fact that world central banks easing monetary policy is generally very supportive for commodities overall, particularly gold,” said David Meger, director of metals trading at High Ridge Futures.