Gold price jumps Rs1,400 per tola in domestic market

Gold price jumps Rs1,400 per tola in domestic market
The per tola gold price witnessed an increase of Rs1,400 to Rs114,750 in the domestic market on Thursday.

Likewise, the rate of 10 grams of the precious metal increased by Rs1,199 to Rs98,379, according to All Pakistan Jewelers Association.

Rate of the precious yellow metal in international markets increased by $19 per ounce to $1947, resulting in an increase in domestic prices of gold, said a spokesperson of the jewelers association.

According to Reuters, gold jumped 1% on Thursday, as the dollar weakened after the European Central Bank kept its policy unchanged and U.S. jobless claims held at high levels, dimming hopes of a quick economic recovery from the effects of the coronavirus pandemic.

Spot gold was up 0.7% to $1,959.93 per ounce at 11:42 a.m. EDT (1542 GMT), after hitting its highest level since Sept. 2 at $1,965.93.

U.S. gold futures were up 0.7% at $1,967.80.

Earlier on September 9, the per tola gold price had registered a decrease of Rs400 to Rs113,100 in the domestic market.

Likewise, the rate of 10 grams of the precious metal had been decreased by Rs343 to Rs96,965, according to the All Pakistan Jewelers Association.