Gold jumps on US inflation report to Rs113,500 per 10gm

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Spot gold price surged around one percent on Wednesday in the wake of another US inflation report that is seen as problematic for consumers and the economy.

As of 1345 hours GMT, gold in the international market was available at $1,853.70 per ounce, gaining $15.70 (+0.85 percent). Out of the $15.70 per ounce increase, +$8.55 was due to weakening of the US dollar and +$7.15 was due to predominant buyers, according to Kitco Gold Index.

The price of 10 grams of 24-carat yellow metal in Pakistan, increased to Rs113,500 after gaining Rs500. Gold price in the local market settled at Rs113,000 on Tuesday last. —TLTP

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