Home » Breaking News, Business » Gold prices up at Rs40,700 a tola

Gold prices up at Rs40,700 a tola

gold shop Karachi Pakistan NewsKARACHI: Gold closed at Rs34,885 per 10 grams in local bullion market on Monday, market sources said.

A leading bullion dealer said that tola (11.664 grams) price also jumped to Rs40,700.

Silver closed at Rs522.85 per 10 grams.

In London gold prices rocketed to a fresh record above $1,283 on Monday, as the metal was lifted by the weakening US dollar, dealers said.

The metal surged to 1,283.80 dollars an ounce at 4:30 pm (1530 GMT) on the London Bullion Market.

The dollar wobbled on Monday on the eve of the US Federal Reserve’s latest interest rate meeting, as dealers bet that the central bank could decide to expand its purchases of US government bonds.

“Speculation of further quantitative easing of US monetary policy is weighing on the US dollar ahead of tomorrow’s Fed meeting and thus pushing gold prices up,” said Commerzbank analysts in a note to clients.

“It is therefore not surprising that investor interest (in gold) is persistently high,” they added.

A weaker greenback boosts demand for dollar-priced gold, which becomes cheaper for buyers using stronger currencies. In turn, that tends to lift prices.— EPN

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