WASHINGTON: Breaking through the key $1900 mark, gold continued scaling higher through the early North American session and this all-time high level seen nine years ago.
US-China friction has weakened the dollar index, while disappointing US Jobless claims data has also pushed gold prices higher.
The greater impetus was sponsored by the prevalent US dollar selling bias and got an additional increase from the recent escalation of tensions between the world’s two largest economies.
As per details, gold built on this week’s bullish breakout through the $1812-14 supply zone and continued gaining traction for the 6th consecutive session. Investors remain concerned that the economic recovery in the US could be grinding to a stop amid the resurgence in COVD-19 cases.
This, in turn, dragged the USD to 22-month lows and benefitted the dollar-denominated commodity. The greenback was further pressured by sliding US Treasury bond yields, which further boosted the non-yielding yellow metal.
In Pakistan, the price of 24 karat gold increased by Rs. 1400 on Friday and was traded at Rs. 118,700 as against its trading at Rs. 117,300 the previous day,
Karachi Sarafa Association reported, the price of 10-gram gold also witnessed an increase of Rs. 1200 and was traded at Rs. 101,766 against its sale at Rs. 100,566
The price of per tola silver increased by Rs. 50 and was traded at Rs. 1400 against Rs. 1350 whereas that of 10-gram silver also went up by Rs. 42.87 and was traded at Rs. 1200.27 against at Rs. 1157.40.
The gold prices in the international market increased by $14 and were traded at $1896 on Friday against its sale at Rs. 1882 during the last trading day, the association reported.
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