Gold climbs despite mixed global cues

Express Tribune reported that local gold rates climbed on Wednesday, even though overseas quotes were mixed and influenced by important American economic figures. According to the All-Pakistan Gems and Jewellers Sarafa Association, one tola now sells for Rs463,936, a rise of Rs4,200, while ten grams are priced at Rs397,750 after an increase of Rs3,601. The per-tola figure had stood at Rs459,736 on Tuesday, following a Rs2,400 gain that day.

Spot gold had eased on Tuesday to roughly $4,376 an ounce after briefly approaching a two-month peak, as traders waited for the US consumer price index report. On Wednesday, spot gold touched $4,434.84, its loftiest level since June 5, before slipping 0.3% to $4,376.31 an ounce at 1750 GMT as it tried to clear the 100-day moving average near $4,387.92.

Adnan Agar, Interactive Commodities Director, said gold was trading near $4,404 on Wednesday, between an intra-day peak of $4,440 and a low of $4,362. He described the latest US inflation reading as neutral and unchanged from the prior month, adding that expectations of a September rate hike had largely faded after weaker US jobs data and a steady CPI reading. Silver in the local market gained Rs146 to Rs7,111 per tola, while the rupee edged up one paisa to 277.66 against the dollar.