Gold gains Rs200/tola in Pakistan

KARACHI: The yellow metal got appraised by Rs200/tola in the domestic market sending the price of 10 grams to Rs82,561 after a Rs171 rise.

After five days of gains in global market, the commodity is still set its largest weekly rise since December 2008. Platinum and palladium were headed for their biggest weekly gains on record, as a lockdown in major producer South Africa stoked supply worries.

Spot gold fell 0.5 per cent to $1,620.36 per ounce . US gold futures slipped 1.6 per cent to $1,624.40 per ounce.

“There’s some profit-taking after a strong rally,” Bank of China International analyst Xiao Fu said. “There’s still interest in gold as inflation hedge and as safe-haven. Over the medium to long term, these two properties will be enhanced.”

“Very short term, there is significant uncertainty in terms of liquidity, and how people are responding to the policy measures.”