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Gold price jumps Rs400 per tola in domestic market

Gold price jumps Rs400 per tola in domestic market

KARACHI: The per tola gold price witnessed an increase of Rs400 to Rs97,600 in the domestic market on Monday.

The 10-gram domestic price rose by Rs343 to Rs83,676, according to All Pakistan Jewellers Association.

Meanwhile, gold price rose on Monday in the international market, helped by technical buying after the previous session’s steep fall

Spot gold rose 0.6% to $1,695.70 an ounce by 1002 GMT. U.S. gold futures climbed 1% to $1,699.90.

Gold tends to gain when interest rates are low, which reduces the opportunity cost of holding bullion. Gold is also seen as a hedge against inflation.

In other precious metals, spot silver rose 2% to $17.71 an ounce, palladium slipped by about 0.2% to $1,950.03 and platinum eased 0.2% to $834.16.