24-Karat gold price drops Rs1,100 per tola to Rs214,800

February 28, 2024 (MLN): Domestic bullion concluded its upward journey on Wednesday as the price of 24-karat gold dropped Rs1,100 per tola to Rs214,800.

As per the Karachi Sarafa Association, the cost of 10 grams of 24-karat gold was registered at Rs184,156, witnessing a decline of Rs944.

While 10-gram 22-karat gold stood at Rs168,810.

Conversely, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,570 per tola and Rs2,203.36 per 10-gram.

On the global front, international spot gold is trading at $2,026.92, up 0.17% on the day.

Meanwhile, international spot silver stood around $22.33, down by 0.55% on the day.

Market participants await key inflation data and remarks from Federal Reserve officials this week to assess when the central bank is likely to cut rates.

To note, the latest Fed minutes have signaled that most US officials are in no rush to cut rates.

"The anticipation is that the PCE report, along with the upcoming gross domestic product data, might act as catalysts for gold to break out of its current trading range within the $2,020-$2,050 area," said Luca Santos, analyst, ACY Securities, as Reuters reported.

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