Gold jumps to Rs115,700 per 10gm

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Gold prices remained flat on Wednesday after two day’s retracement slide amid a weakening US dollar and retreating treasury bond yields. As of 1405 hours GMT, gold in the international market was available at $1,950.60 per ounce, gaining $0.50 (+0.03 percent).

Out of the $0.50 per ounce increase, +$11.40 was due to weakening of the US dollar and -$10.90 was due to predominant sellers, according to Kitco Gold Index.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs115,700 after gaining Rs2,200. Gold price in the local market settled at Rs114,500 on Tuesday last.

The reverse change in local gold prices was due to falling rupee against the US dollar. During the last three days, the rupee has shed Rs4.37 against the US dollar and slipped to 185.92 from 181.55.—TLTP

 

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