Gold price jumps to Rs94,700 per 10gm


Gold price in the international market went up and closed to the psychological barrier of $1900 per ounce on Friday.

At 1415 GMT, gold in the international market was trading at $1,899.70 an ounce after gaining $2.80 an ounce in its value as compared to its closing value on Thursday last.

Meanwhile, the price of 10 grams of yellow metal in Pakistan has reached Rs94,700 after gaining Rs300. The closing price of 10 grams gold was recorded at Rs94,400 on Thursday last.

The analysts said they would not be surprised if supply shortages push prices up in the coming months as the world recovers from the pandemic and pent-up demand is unleashed.

They added, however, that much of the price gain should prove temporary.
They said that precious metal has performed well, reaching a low of $1,680 in March and since moving to $1,900. —Agencies