Domestic gold rally cools, price falls Rs1,700 per tola to Rs250,200

April 18, 2024 (MLN): The rally in the domestic bullion market cooled today as the price of 24-karat gold dropped by Rs1,700 per tola to Rs250,200.

Despite this drop, prices continue to remain at an all-time high level due to a continuous rise in international rates.

The Karachi Sarafa Association further reported that the price of 24-karat gold reached Rs214,506 per 10-gram, down Rs1,458 DoD.

Similarly, the price of 22-karat gold was quoted lower at Rs196,631 per 10-gram.

On the other hand, silver prices remained stable, with 24-karat silver being sold at Rs2,780 per tola and Rs2,283.4 per 10-gram.

International spot gold was recorded at $2,375 per ounce, as per the rate utilized by the association to determine domestic prices.

Federal Reserve Chair Jerome Powell has signaled that policymakers will wait longer than previously anticipated to cut interest rates due to high inflation readings.

However, the escalating conflicts in the Middle East continue to exert a bullish impact on the safe-haven asset, with spot rates rising by around $19 per ounce in today's session.

To note, Iran launched attack drones and missiles against Israel on Saturday, taking the conflict in the region into a perilous new phase.

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