Gold jumps Rs3,200 on weaker dollar

Similarly, the price of 10-gram gold increased by Rs2,744 to Rs370,658.

On Saturday, gold prices had remained unchanged at Rs429,136 per tola.In the international market, spot gold gained 1.2% to $4,116.15 per ounce by 11:30 am ET (1630 GMT).

US gold futures for December delivery also advanced 1.2% to $4,125.40, according to Reuters.Market analyst Jim Wyckoff of American Gold Exchange said the US dollar index had weakened at the start of the trading week, making dollar-denominated bullion more affordable for buyers holding other currencies.

He added that declining crude oil prices were also helping gold and silver by easing inflationary concerns and potentially giving central banks greater room to adopt less restrictive monetary policies.Oil prices fell sharply after US President Donald Trump downplayed the possibility of renewed strikes on Iran.

However, attacks on ships near the Strait of Hormuz continued to raise concerns about potential disruptions to global energy supplies.Higher energy prices have fuelled inflationary concerns since the US-Israel war with Iran began in late February.

Persistent inflationary pressures could force central banks to maintain higher interest rates for longer, reducing the appeal of non-yielding assets such as gold.Investors are now awaiting US consumer price index (CPI) data scheduled for Tuesday, which could provide fresh indications about inflation trajectory and the Federal Reserve's future monetary policy.Market participants were pricing in an 82.2% probability of a Federal Reserve rate hike in December, according to estimates cited in….

In Pakistan's market, silver prices also moved higher, increasing by Rs55 to reach Rs5,723 per tola.

Gold jumps Rs3,200 on weaker dollar Our Correspondent | Updated 5 minutes ago | Safe-haven asset advances ahead of US inflation data.