Gold jumps by Rs3,100; rupee weakens

KARACHI:

Gold prices continued to rise for the third consecutive day on Wednesday, reaching Rs280,500 per tola with an increase of Rs3,100, which came in line with the global trend. The price of 10-gram gold hit Rs240,484, up Rs2,658, reported the All Pakistan Sarafa Gems and Jewellers Association. Internationally, bullion prices saw an uptick of $31 to $2,693 per ounce, it said.

Interactive Commodities Director Adnan Agar attributed the gold's movement to the situation in Syria, which, although cooling, remained a point of concern. He noted that US inflation data also played a key role in driving the metals market. With the US monetary policy expected next week, the market will remain focused on it, with bullion prices likely to stay elevated.

Meanwhile, the Pakistani rupee experienced a slight decline of 0.04% against the US dollar in the inter-bank market on Wednesday. The currency closed at 278.17, lower by Rs0.12 compared to the previous day's rate of 278.05, according to the State Bank of Pakistan. Exchange Companies Association of Pakistan representative Zafar Paracha characterised the rupee value as fluctuating within a specific range.