Gold rises Rs6,900 on global bullion strength

Express Tribune reported that gold became dearer in Pakistan on Friday, with the tola price rising Rs6,900 to Rs460,336 according to the All-Pakistan Gems and Jewellers Sarafa Association. The 10-gram rate climbed Rs5,914 to Rs394,663. The gain came after a Rs3,800 fall per tola on Thursday had pulled the price down to Rs453,436.

Reuters reported that spot gold climbed 0.3% to $4,352.39 an ounce, its highest level since September 11, and the local move tracked this international rise. Brent crude fell for a third session in a row, while a stronger US dollar capped bullion's gains. Other major precious metals were also heading for weekly gains.

Silver followed gold higher, rising Rs300 per tola to Rs7,169 locally. The rupee was reported to have edged up Rs0.01 against the dollar in the inter-bank market, closing at 277.25. Investors were also weighing inflation, interest-rate expectations and global economic risks.