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Gold price jumps by Rs900 per tola

Gold price in Pakistan gained Rs900 per tola as the local currency resumed its downward slide against the US dollar, once again surpassing Rs184-mark in the interbank market. The yellow metal gained Rs900 per tola and Rs771 per 10 grams to settle at 133,300 and Rs114,283, respectively. The precious commodity market remains torn between those investors looking towards gold as an offset against inflation, growth worries and high volatility in the other financial markets. In the international market, gold receded $15 per ounce to settle at $1,976. Gold rates in Pakistan are around Rs4,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.

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