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Gold rises Rs500 per tola

Gold rises Rs500 per tola

KARACHI: Gold prices in the local market rose by Rs500 to Rs87,500 per tola on Friday, according to media.

Rate of 10 grams of the precious yellow metal increased by Rs429 to Rs75,017.

Gold steadied above $1,500 an ounce on Friday, on course for its best week in five amid continued uncertainty around Brexit and the health of the global economy while a sustained supply crunch propelled palladium to a record high.

Spot gold was up 0.1% at $1,504.00 per ounce at 0953 GMT, having earlier hit its highest since Oct. 10 at $1,506.76. The precious metal has gained about 1% this week.

U.S. gold futures were up 0.2% at $1,507.00.

“Brexit has gone into another limbo and there is still some uncertainty over the progress of (U.S.-China) trade talks. These are increasing risk aversion and pushing gold higher,” said FXTM analyst Lukman Otunuga.