KARACHI: Domestic gold prices on Wednesday hit an all time high of Rs70,000 per tola and Rs60,014 per 10 grams, up Rs650 and Rs558 respectively from Tuesday.

According to rates issued by the All Sindh Sarafa Jewellers Association, world global price rose by two dollars per ounce to $1,327.

Taking the Jan 1, 2018 rate of one tola and 10 grams at Rs56,200 and Rs48,171, the yellow metal price has so far become costlier by Rs13,800 and Rs11,843 respectively. In the above period, world gold price rose by $23 per ounce.

According to BIPLS Research, gold held steady on Wednesday as the dollar traded at near three-week low after the US Federal Reserve Chairman Jerome Powell reiterated that the central bank will be patient in hiking interest rates, while palladium hovered near $1,550 levels.

Spot gold was down 0.1 per cent at $1,327.26 per ounce as of 0741 GMT, while US gold futures were flat at $1,329.

“Gold has found very good support at $1,300, especially after the Fed’s stance,” said Mark To, head of research at Wing Fung Precious Metals in Hong Kong. “At this moment, people have very diverse views on the course of Fed. But it is patient and more data dependent, which is going to be good for gold. $1,300-$1,400 should be very reasonable price range for this year,” To said.

Published in Dawn, February 28th, 2019