April 09, 2024 (MLN): The domestic bullion market continued its upward journey on Tuesday, with the price of 24-karat gold surging to a new record high of Rs247,600 per tola, a rise of Rs1,900 from yesterday.
Last week, the yellow metal had gained a significant Rs10,300 per tola.
The association further reported that the price of 24-karat gold reached Rs212,277 per 10-gram, up Rs1,629 compared to the last session.
Similarly, the price of 22-karat gold was quoted higher at Rs194,587 per 10-gram.
On the other hand, silver prices remained unchanged, with 24-karat silver being sold at Rs2,650 per tola and Rs2,271.94 per 10-gram.
On the global front, international spot gold traded near $2,352.37 an ounce, up 0.57% on the day.
The yellow metal is up more than 17% since mid-February, a move that has left some onlookers puzzled because of the lack of any obvious trigger, according to Bloomberg.
The sharp rally comes as a surprise especially given traders’ conviction on three quarter-point rate cuts is fast fading, with markets now favoring just two reductions
Still, heightened geopolitical risks in the Middle East and Ukraine, plus buying by central banks, led by China, have added some bullish momentum for gold.
Investors are closely monitoring the US inflation reading due later this week.
