Gold price shoots up in domestic market

KARACHI: The per tola gold price witnessed an increase of Rs600 to Rs114,600 in the domestic market on Friday.

Likewise, the rate of 10-gram gold increased by Rs 515 to Rs98,251, according to All Pakistan Jewelers Association.

Prices of the precious yellow metal in the international market rose by $18 per ounce to $1918, resulting in an increase in domestic prices of gold.

Gold rose by more than 1% on Friday and was on course for a second straight weekly gain as the dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation.

Spot gold was up 1.2% to $1,915.36 per ounce by 1135 GMT, up 0.9% this week. U.S. gold futures         gained 1.4% to $1,921.30.

Silver rose 2.3% to $24.36 per ounce and is up more than 2% this week. Platinum        gained 2.2% to $881.33 and palladium climbed 2.2% to $2,423.30.

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