Gold price surges to Rs96,600 per 10gm

Observer Report

Gold prices inched up for the fourth day in a row on Wednesday as investors turn cautious ahead of the Fed monetary policy decision.

At 1315 hours GMT, gold in the international mar-ket was available at $1,778.30 per ounce after gain-ing $3.20.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs96,600 after gaining Rs300. The closing prices of the yellow metal in the coun-try remained Rs96,300 on Tuesday last. The in-crease in local gold prices was also due to deprecia-tion of the Pakistani rupee against the US dollar.

According to experts, there is an increased expecta-tion that the US Federal Reserve could offer a taper-ing timeline.

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