May 09, 2023 (MLN): Domestic bullion experienced a remarkable Tuesday, as the price of 24-karat gold soared to a new all-time high of Rs230,100 per tola, marking an impressive increase of Rs3,200.
According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs197,274 per tola, up by Rs2,744.
While 10-gram 22-karat gold stood at Rs180,834 per tola, up by Rs2,515.
Similarly, the price of silver also surged in the domestic market, with 24-karat silver increasing by a significant 3.45% or Rs100, to close at Rs3,000 per tola, and 10-gram 24-karat silver gaining Rs85.72 to close at Rs2,572 per tola.
Both domestic gold and silver rates are currently at their highest ever in Pakistan.
On the other hand, international spot gold is currently trading at $2,029, up by 0.42% on the day. Meanwhile, U.S. gold futures are at $2,038.2.
Market participants are now monitoring the upcoming U.S. consumer price index (CPI) figures for April that will be released tomorrow.
Carlo Alberto De Casa, external analyst at Kinesis Money also stated that markets are also holding back for now because the Fed’s rate decision will depend on the U.S. CPI data.
Gold is seen as a way to protect against inflation, but its appeal is reduced when interest rates go up because it does not yield any income.
International spot silver is currently trading at $25.49, down by 0.14%.
