Gold gains Rs900 per tola in Pakistan ahead of US inflation report

February 29, 2024 (MLN): Domestic bullion resumed its upward trend on Thursday, with 24-karat gold reaching Rs215,700 per tola, increasing by Rs900.

The Karachi Sarafa Association, a reputable jeweler in the precious metals market, reported that the price of 10-gram 24-karat gold reached Rs184,928 per tola, reflecting a rise of Rs772.

Similarly, the price of 10-gram 22-karat gold was noted at Rs169,517 per tola, a gain of Rs707.

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

Globally, international spot gold is currently trading at $2,037.01 increasing by 0.12% on the day.

Meanwhile, international spot silver is currently trading at $22.51, up by 0.27% on the day.

Investors are awaiting the release of the US Personal Consumption Expenditures (PCE) price index, the Federal Reserve's most-watched inflation indicator, which is expected to influence the central bank's upcoming policy decisions.

Expectations for cuts to US interest rates have shifted to later this year, as recent inflation data has come in hot and Fed policymakers have taken a wait-and-see attitude, calling for more time and data showing that inflation is moving towards their two percent goal.

Analysts say the PCE figures, and other US economic indicators coming Thursday, will likely influence market sentiment.

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