24-Karat gold price rebounds after prior decline, rises by Rs300 per tola

February 15, 2024 (MLN): Following a massive decline in the previous session driven by hotter-than-anticipated US inflation data, 24-karat gold price in the local bullion market increased by Rs300 to Rs211,100 per tola on Thursday.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs180,984, reflecting a gain of Rs257 compared to previous session.

While the price of 10-gram 22-karat gold fell to Rs165,902.

Silver prices remained unchanged today, with 24-karat silver being sold at Rs2,580 per tola while 10-gram silver being traded at Rs2,211.93.

On the global front, international spot gold ticked up, currently being traded at $1,993.75 with a gain of $1.45 DoD.

It is worth stating that yesterday's consumer price index (CPI) shock pushed gold below the $2,000 mark for the first time in two months.

The American CPI data came as a disappointment for investors after a recent downdraft in price pressures that helped build expectations for rate cuts this year, said Bloomberg.

The odds of a May cut dropped to about 32% from about 64% before the inflation data, with fewer than 90 basis points anticipated this year.

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