Gold Prices Soar on Weak US Economic Data and Interest Rate Fears

Gold prices continued their upward trend in both global and local markets on Friday. The price of gold increased by $39 per ounce to reach $4,466 in the international bullion market.

This surge was driven by weak US economic data, a rise in the unemployment rate, and growing concerns over a possible increase in interest rates by the US Federal Reserve.

Central banks in several countries also continued their buying activity, further boosting gold prices.

In Pakistan's local bullion markets, the price of gold increased by Rs3,900 per tola to reach Rs469,136. The price of 10 grams of gold rose by Rs3,344 to Rs402,208.