Gold jumps Rs3,200 to Rs236,000 per tola

ISLAMABAD: Gold prices in the country jumped by Rs3,200 per tola on Wednesday, toeing the international bullion markets.
According to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold surged to Rs236,000 from Rs232,800. Similarly, the gold rate for 10 grams of 24-karat reached Rs202,300 from Rs199,600, showing an increase of Rs2,700. The gold price for 22-karat was recorded at Rs216,300 against Rs212,800 per tola a session ag0. Likewise, the gold rate for 10 grams of 22-karat increased to Rs185,450 from Rs183,000.
During the previous two sessions, gold prices in the country went down despite an upward trend in the international market. The gold prices eroded all the previous two-day loss.
As of 1350 hours GMT, the gold futures in the international market were available at $1,972 per ounce, showing an increase of $12.70 (0.65 percent). Out of the $12.70 per ounce increase, -$4.15 was due to strengthening of the US dollar and +$16.85 was due to predominant buyers, according to Kitco Gold Index.
Gold prices surged despite the broad-based US dollar strength on Wednesday. The benchmark 10-year US Treasury bond yield is down more than 1 percent on the day below 3.7pc, helping gold limit its losses ahead of the debt-ceiling debate.
Gold prices picked up bids to refresh intraday high as buyers cheered a two-day winning streak, after refreshing the lowest levels in 10 weeks. Moreover, hopes that the US policymakers will anyhow avoid the US default and hawkish Federal Reserve bets appear challenging the gold price as the metal is a whisker above the short-term key support confluence, previous resistance. – TLTP