Gold price surged for the fifth consecutive day on Friday, as the US dollar fades its recovery rally amid improving market mood.
Gold in the international market was available at $1,799.80 per ounce after gaining $15.70 at 1225 hours GMT. Meanwhile, the price of 10 grams of yellow metal in Pakistan surged to Rs100,800 on Friday with a gain of Rs1,200.
Gold in the local market was available at Rs99,600 per 10 grams on Thursday last.According to experts, the gold price is approaching the $1800 mark, holding near the highest levels in five days, although the bulls appear to lack follow-through upside.
They said that growing inflation fears amid supply bottlenecks and rising energy prices, continue to benefit the traditional safe haven.
However, it remains to be seen if gold price can hold the fort, in the face of persistent US Federal System’s tapering expectations.— TLTP
