KARACHI: Gold prices jumped as demand for safe-haven metal was boosted by seasonal demand as people rush to purchase yellow metal in Ramadhan which is followed by wedding season.

Data released by All-Pakistan Sarafa Gems and Jewellers Association showed that price of gold (24 carats) soared by Rs 5,600 per tola and Rs 4,801 per 10 grams to settle at Rs 207,500 and Rs 177,898.

Precious commodity registered losses in last few sessions in line with decline in international prices and appreciation of Pakistani rupee against dollar.

In international market, gold prices extended gains boosted by slide in Treasury yields after US Federal Reserve signalled an end to its monetary tightening cycle might be on cards. Per-ounce price settled at $ 1,997 after increase of $ 58 an ounce.

Published in The Daily National Courier, March, 25 2023

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