Gold up despite global market loss

Gold rates in Pakistan rose on Wednesday even as overseas prices weakened, according to the All-Pakistan Gems and Jewellers Sarafa Association. A tola climbed Rs4,300 to Rs441,636, and the 10-gram price advanced Rs3,686 to Rs378,631, after a Rs800 fall per tola the previous day. Silver also gained Rs20 to Rs6,578 per tola, moving against the global trend.

Overseas, spot gold slipped 0.7% to $4,152.86 an ounce by 1:40 pm ET, giving back a brief gain that came after US inflation readings came in below expectations. Energy costs are pressing the metal lower, and gold has shed 6.6% this month, putting it on course for a monthly drop. Silver and platinum are also heading for September losses, though all three metals remain ahead for the quarter.

Adnan Agar, a director at Interactive Commodities, said gold is trading within a $4,100 to $4,200 band while the market waits for US employment figures due on Friday. He noted that gold recently reached around $4,210 and that the data will show whether the metal can break out of its current range. Separately, the rupee closed Wednesday at 277.11 against the dollar, gaining Rs0.01 from Tuesday's close at 277.12.