Gold jumps to Rs263,700 in Pakistan

August 24, 2024 (MLN): Gold price in Pakistan surged further in line with international rates after Federal Reserve Chair Jerome Powell signaled that time has come for interest rate cuts.

The 24-karat gold rose to Rs263,700 per tola on Saturday, a gain of Rs1,700 compared to the previous session.

Globally, spot gold wrapped up the week at $2,511 an ounce.

“The time has come for policy to adjust,” Powell said on Friday in his speech at the Fed’s annual conference in Jackson Hole.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs226,080 per 10-gram, up Rs1,457.

Similarly, the price of 22-karat gold was quoted higher at Rs207,240 per 10-gram.

On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,950 per tola and Rs2,529 per 10-gram.

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