Gold rises by Rs850 per tola in Pakistan

• Bullion price in domestic market settles at Rs123,650 per tola.
• A day earlier, gold closed at Rs122,800 per tola.
• Silver price remains unchanged at Rs1,460 per tola.

KARACHI: The price of gold in Pakistan recorded an increase of Rs850 per tola on Thursday contrary to a decline in the international market.

The yellow metal rose by Rs850 per tola and Rs720 per 10 grams to settle at Rs123,650 per tola and Rs106,010 per 10 grams, respectively.

A day earlier, the precious commodity closed at Rs122,800 per tola and Rs105,281 per 10 grams.

Cumulatively, the safe-haven asset gained Rs5,300 or 4.5% per tola during the month of November.

Meanwhile, in the international market, gold dropped by $9 per ounce to settle at $1,777 as US Federal Reserve Chairman Jerome Powell's comments on the need to tame inflation bolstered bets for faster monetary policy tightening and offset Omicron-driven safe-haven inflows into bullion.

Both local and international investors now await the US jobs report for November due later on Friday.

It is pertinent to mention that gold rates in Pakistan are around Rs2,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.