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Gold price reaches Rs84,500 per tola

Gold price reaches Rs84,500 per tola

KARACHI: Gold prices in the local market on Thursday edged up by Rs100 to Rs84,500 per tola. The rate of 10 grams of yellow metal also increased by Rs28 to Rs73,173.

Meanwhile, Gold prices in international market hovered near a one-week high hit in the previous session, as the dollar nursed its steepest losses in weeks after the U.S. Federal Reserve stood pat on interest rates and signalled moderate economic growth for next year.

Spot gold was largely unchanged at $1,474.71 per ounce, by 0217 GMT. In the previous session, the bullion hit $1,478.80, its highest since Dec. 5.  U.S. gold futures         were up 0.3% at $1,479.10.

Gold prices gained 1% on Wednesday after the Fed held interest rates steady and signalled borrowing costs will not change anytime soon, with moderate economic growth and historically low unemployment expected to persist through the 2020 presidential election.