10gm gold price jumps by Rs1,700

ISLAMABAD: Gold futures went up around 0.6 percent in the international market on Friday, making it the biggest daily gain since March with prices settling at their highest in seven weeks.
At 1325 hours GMT, gold in the international market was trading at $1,775.60 an ounce after gaining $10.90 an ounce in its value as compared to its closing value on Thursday last.
Resultantly, the price of yellow metal in the country went up and the price of 10 grams yellow metal was recorded at Rs87,300 after gaining Rs1,700. The price of 10 grams gold was recorded at Rs85,600 on Thursday last.
Gold futures on Thursday scored their biggest daily gain since March, with prices settling at their highest in seven weeks, as benchmark U.S. bond yields pulled back and rising U.S. tensions with China and Russia boosted the metal’s haven appeal. Gold also moved up after a series of good reports on the health of the U.S. economy, which provided some support for bullion given the threat of inflation.
The climb in US tensions with China, as well as Russia may be encouraging for some safe-haven buying of the metal. Tensions between the US and China over Taiwan have climbed, and the Biden administration on Thursday expelled some Russian diplomats and announced sanctions against dozens of people and companies, partly in retaliation to Russia’s interference in last year’s presidential election. – TLTP