Gold holds firm as investors await US inflation data

February 13, 2024 (MLN): The price of 24-karat gold in the local bullion market remained stable at Rs214,300 per tola on Tuesday.

According to the Karachi Sarafa Association, the 10-gram 24-karat gold and the 10-gram 22-karat gold prices also stayed the same at Rs183,728 and Rs168,416 respectively.

Last week, 24-karat gold price in the domestic market dropped Rs1,700 per tola driven by the decline in international prices.

Silver prices also remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

On the global front, international spot gold traded near $2,025.7 as of 12:50pm, up 0.35% on the day.

Investors are closely monitoring the crucial US inflation data due later today, which may offer more clarity on the timing of the Federal Reserve’s interest rate cuts.

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