Gold glitters, price up by Rs1,800 per tola in Pakistan

Karachi: Gold price continued to soar in the local bullion markets of Pakistan on Wednesday amid political worries and weakening of the Pakistani rupee.

The price of the precious metal jumped by Rs1,800 per tola and Rs1,542 per 10 grams to settle at Rs150,200 and Rs128,772 respectively, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Cumulatively, the yellow metal has gained Rs3,800 per tola during the last two sessions.

In the international market, the price of the yellow metal surged by $24 per ounce settling at $1,668 as the dollar and bond yields weakened amid expectations that the US Federal Reserve could slow its rapid pace of interest rate hikes.