KARACHI: Domestic gold prices on Tuesday surged to an all time high rate of Rs65,550 per tola and Rs56,199 per 10 grams.

According to All Sindh Sarafa Association (ASSA), local one tola and 10 grams rates showed an increase of Rs100 and Rs86 respectively, amid no change in world gold price at $1,247 per ounce.

The price of one tola gold and 10 grams has surged by Rs9,379 and Rs8,028 since Jan 1, while the world gold price was pegged at $1,301 per ounce. At the beginning this year, one tola and 10 gram rates were Rs56,171 and Rs48,171, respectively.

World gold price has declined by $54 per ounce from January 1, 2018 to date but domestic prices kept crawling up owing to losing value of the rupee against the dollar.

According to BIPL Research, gold prices held steady near a five-month peak hit early on Monday, supported by a disappointing US jobs report that fueled speculation that the Federal Reserve may stop raising interest rates sooner than expected.

US non-farm payrolls increased by 155,000 jobs last month, below economists’ median forecast of 200,000 jobs and the wage increase was softer than expected.

Published in Dawn, December 12th, 2018