Gold price gains another Rs1,600 per tola

May 16, 2024 (MLN): Gold prices in Pakistan rose on Thursday, with 24-karat gold jumping by another Rs1,600 to Rs245,600 per tola.

It is worth noting that the price has been kept Rs3,000 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 Rs3,000," the 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 Rs210,562 per 10-gram, up Rs1,371.

Similarly, the price of 22-karat gold was quoted higher at Rs193,016 per 10-gram.

Moreover, silver prices also gained momentum in the domestic market, with 24-karat silver being sold at Rs2,730 per tola and Rs2,340.53 per 10-gram, a gain of Rs80 per tola and Rs68.59 per 10-gram.

On the global front, international spot gold traded near $2,387.58 an ounce, after gaining 1.2% yesterday.

The U.S. consumer price index (CPI) for April 2024 rose by 3.4% YoY, 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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