Gold price in Pakistan gains Rs1,600 per tola

June 21, 2024 (MLN): Gold price in Pakistan increased on Friday, with 24-karat gold being sold at Rs242,900 per tola, up Rs1,600 per tola.

It is worth noting that the price has been kept a significant Rs4,500 below its actual cost today due to a reduction in purchasing power.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs208,248 per tola per 10-gram, up Rs1,372 per tola.

Similarly, the price of 22-karat gold was quoted higher at Rs190,894 per 10-gram.

On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,750 per tola and Rs2,358 per 10-gram.

On the global front, spot gold traded near $2,364 an ounce, up $3.9 or 0.17% from the previous session.

The yellow metal is on track for a second consecutive weekly gain on softer U.S. data which kept investors optimistic about monetary easing.

Data on Thursday showed first-time applications for U.S. unemployment benefits fell moderately last week, while new housing construction dropped. This, along with tepid retail sales last month, keeps the chance of a September rate cut on the table, Reuters reported.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Meanwhile, China's yuan dipped to a fresh seven-month low against the dollar.

"The soft Chinese renminbi is also one of the reasons why investors in general in China have been falling over gold in recent months, apart from obviously the worries about the property sector," Hansen said.

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