Gold rises despite weekly global losses

Domestic gold rates rose on Friday, with the tola price up Rs2,000 to Rs440,636, according to the All-Pakistan Gems and Jewellers Sarafa Association. The 10-gram rate climbed Rs1,715 to Rs377,774, recovering from a Rs3,000 per tola drop recorded on Thursday. Local silver also added Rs50 per tola, reaching Rs6,578.

International prices moved lower, with spot gold down 0.8% at $4,145.68 an ounce by 11:38 am EDT after earlier gains, according to Reuters. For the week, spot gold was down around 3.3%, while US gold futures traded 0.7% lower at $4,173.50 an ounce.

A firmer US dollar, still on course for a weekly gain, and Treasury yields at their highest since 2002 on Thursday kept pressure on bullion. Weaker September jobs data reduced bets on further Federal Reserve rate hikes, but that support was offset by the dollar and bond yields on Friday. The rupee closed at 277.07 against the dollar, up Rs0.03 from Thursday.