Gold price in Pakistan loses Rs1,200 per tola

June 13, 2024 (MLN): Gold price in Pakistan decreased on Thursday, with 24-karat gold being sold at Rs240,700 per tola, down Rs1,200 per tola.

It is worth noting that the price has been kept Rs1,500 below its actual cost today due to a reduction in purchasing power.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs206,361 per tola per 10-gram, down Rs1,029 per tola.

Similarly, the price of 22-karat gold was quoted lower at Rs189,165 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 $2,305 an ounce, down $15.5 or 0.67% from the previous session.

A report on Wednesday showed the US core consumer price index fell to the lowest in more than three years, spurring bets on faster policy easing, as Bloomberg reported.

Later, the Federal Reserve penciled in just one quarter point interest-rate cut this year, down from three seen in March.

Swap traders are currently pricing in a 25-basis-point rate cut by November, with a 75% likelihood of a similar reduction by year-end.

That compares with a 50% chance of a second cut two days ago. US producer prices may offer more signals later on Thursday.

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