Gold price surges to 3 month high at Rs90,200 per 10gm

Gold rate in Pakistan

Gold price in the international market pushed higher following disappointing US retail sales numbers and remained neck-on-neck to its highest since February 11 at $1,845.06.

Gold in the international market closed session on Friday at $1,844.90 an ounce after gaining $17.40 an ounce in its value as compared to its closing value on Thursday last.

Though markets in Pakistan are closed due to a lockdown, the price of10 grams of yellow metal in the country has reached Rs90,200 after gaining Rs1,000. The closing price of 10 grams gold was recorded at Rs89,200 on Thursday last.

According to analysts, gold prices are expected to be mixed in the coming week, as US dollar, treasury yields and rising inflation expectations are likely to weigh on the precious metal.

Analysts are still watching gold’s $1,850 level closely as inflation pressures start to heat. —Agencies

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