Gold price maintains upward trend, soars by Rs3,000 per tola in Pakistan

Karachi: Gold prices continued its upward trend in the local bullion markets on Friday amid weakening of local currency against the US dollar and bleak economic outlook. 

Data released by All Sindh Sarafa Association showed the gold price in Pakistan jumped by Rs3,000 per tola and Rs2,572 per 10 grams to settle at Rs144,000 and Rs123,457. 

The gold market has seen consistency in the last few days as the rupee rallied. However, the local currency resumed its downward slide, which lifted gold prices.

Cumulatively, the price of yellow metal soared by Rs5,000 per tola in the last two sessions (Thursday-Friday).

The price of yellow metal gained $3 per ounce to settle at $1,705 in the international market as the dollar paused while investors awaited key US jobs data, amid expectations the Federal Reserve would continue with steep interest rate hikes in coming months.