Gold price in the international market continued upward trend on Friday and increased by around 0.6 percent as the latest dip in US Treasury yields and concerns about growing Covid-19 cases in Asia continue boosting demand for the safe-haven assets.
At 1400 hours GMT, gold in the international market was trading at $1,887.90 an ounce after gaining $10.20 an ounce in its value as compared to its closing value on Thursday last. Meanwhile, the price of 10 grams yellow metal in Pakistan has reached Rs93,000 after gaining Rs500. The closing price of 10 grams gold was recorded at Rs92,500 on Thursday last.
The analysts said it seems inflation fears are finally translating into higher precious-metals prices, and exchange-traded fund investors are starting to swing into net buyers again.
They said that US Treasury yields are falling and, on the other hand, there seem to be fears about virus resurgence in Singapore, Taiwan, and the broader Asian-Pacific markets, driving up demand for safety. —TLTP