Gold price dips Rs600 per tola

May 17, 2024 (MLN): Gold prices in Pakistan dipped on Friday, with 24-karat gold losing Rs600 to Rs245,000 per tola.

It is worth noting that the price has been kept a significant Rs4,000 below its actual cost today.

"In view of the significant reduction in purchasing power, the price of gold today has been kept under cost by Rs4,000," Karachi Sarafa Association said.

Last week, 24-karat gold gained Rs5,500 per tola.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs210,048 per 10-gram, down Rs514.

Similarly, the price of 22-karat gold was quoted lower at Rs192,544 per 10-gram.

Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,730 per tola and Rs2,340.53 per 10-gram.

On the global front, international spot gold traded near $2,388.8 an ounce, up 0.5% on the day, The yellow metal is up 1.2% this week.

The gain comes amid cooler US inflation data for April. The U.S. consumer price index (CPI) rose by 3.4% YoY in April, as compared to the 3.5% YoY in March.

On a sequential basis, US CPI rose by 0.3% MoM, lower than the increase of 0.4% in the previous month, as well as the market expectations of 0.4%.

This was the first cooler-than-expected inflation report in six months.

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