Gold price surges for third week

Gold rate in Pakistan

Gold price surged for the third consecutive week to the level seen for the first time in eight months as metals markets jumped on inflation data and geopo-litical concerns centring on Russia.

Gold futures closed the week on a bullish note in international market at $1,899.20 per ounce, with a massive $40.20 (+2.16 percent) gain on a week-on-week basis, because the yellow metal is coming sharply to the upside as a “safe haven” asset based on the latest US-Russia tensions.

The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased 2.39 percent to Rs107,000 from Rs104,500 during the last week. The Pakistani rupee depreciated 0.66 percent against the US dollar last week, which also impacted local gold prices negatively.—TLTP


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