KARACHI: Gold prices on Thursday rose by Rs300 per tola and traded at Rs87,850 in the local market, ARY News reported.
Rate of 10 grams of the precious yellow metal increased by Rs257 to 74,317.
In the international market, the price of per ounce gold increased by $07 and was traded at $1506 against closing of $1502 on last trading day.
Gold in the international market rose as the dollar came under pressure after the U.S. Federal Reserve cut interest rates while uncertainty surrounding a U.S.-China trade deal bolstered the metal’s appeal as a safe-haven investment.
According to Reuters, spot gold climbed 0.8% to $1,506.48 an ounce by 1115 GMT, set for a monthly gain of more than 2%.
U.S. gold futures were up 0.8% at $1,509.10.
The U.S. central bank on Wednesday cut interest rates for the third time this year to help to sustain U.S. growth despite a slowdown in other parts of the world.
“While the central bank signalled a pause in further cuts for now, it also seemed to pre-commit to keep rates low for the foreseeable future,” said Ilya Spivak, a senior currency strategist at DailyFx, adding that a resulting dip in U.S. Treasury bond yields and the dollar were helping gold.
The U.S. dollar fell to a more than one-week low against leading rivals.
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