The per tola gold price witnessed an increase of Rs 1,000 to Rs 117,500 in the domestic market.
Likewise, the price of 10-gram gold witnessed an increase of Rs 857 and was traded at Rs10,0737, said All Pakistan Jewelers Association.
According to Reuters, gold rebounded over 2% on Friday, a day after a steep sell-off, as the U.S. dollar weakened and the U.S. Federal Reserve signaled a prolonged low interest rate strategy.
Spot gold rose 1.8% to $1,964.47 per ounce by 02:25 p.m. EDT, taking gains this week to about 1.3%. Prices fell as much as 2.2% on Thursday after U.S. Treasury yields gained following a speech by Fed Chair Jerome Powell on the strategy. U.S. gold futures settled up 2.2% at 1,974.90.
Earlier on August 26, the gold prices had declined by Rs500 per tola and was traded at Rs116000 in the domestic market.
Likewise, the price of 10-gram gold had witnessed a decrease of Rs 428 and was traded at Rs99451, said All Pakistan Jewelers Association. Meanwhile, gold rates in the international market had fallen by $8 to $1,917 per ounce.
