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Mettis Global News
Mettis Global News
Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

Gold price in Pakistan reaches Rs250,700 per tola

Pakistan's gold market sees relief after massive drop
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April 19, 2024 (MLN): After concluding its upward trend yesterday, gold prices in Pakistan are once again on the rise as the price of 24-karat gold rose by Rs500 per tola to Rs250,700 on Friday's trading session.

The Karachi Sarafa Association further reported that the price of 24-karat gold reached Rs214,935 per 10-gram, up Rs429 DoD.

Similarly, the price of 22-karat gold was quoted higher at Rs197,024 per 10-gram.

Silver prices remained stable in today's session, with 24-karat silver being sold at Rs2,780 per tola and Rs2,283.4 per 10-gram.

On the global front, international spot gold is currently traded at $2,385.32, up 0.24% compared to the last close.

The escalating conflicts in the Middle East continue to exert a bullish impact on the safe-haven asset.

To note, Iran launched attack drones and missiles against Israel on Saturday, taking the conflict in the region into a perilous new phase.

"Gold is not a monetary policy trade at the moment, it's a geopolitics trade," Kyle Rodda, a financial market analyst at Capital.com.said, as Reuters reported.

Regarding policy rates, Federal Reserve Chair Jerome Powell has signaled that policymakers will wait longer than previously anticipated to cut interest rates due to high inflation readings.

Due to this expected delay in rate cut, gains are currently being capped for the yellow metal as higher yields raise the opportunity cost of holding the safe-haven asset.

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Posted on: 2024-04-19T14:02:33+05:00