November 08, 2024 (MLN): Gold prices in Pakistan rebounded strongly on Friday after a sharp drop, with 24-karat gold being sold at Rs278,800 per tola, an increase of Rs2,000.
Yesterday, local gold slumped Rs5,400 on Donald Trump's win in the US presidential election, which caused the US dollar to surge.
Bullion was widely expected to rally after a Trump victory, but this was offset by a rising dollar, which made the precious metal more expensive for many buyers.
However, this rebound is attributed to the 25bps rate cut by the US Federal Reserve, which turned out to be bullish for gold as it reduced the opportunity cost of holding the metal.
International spot gold surged 1.79% or $47.67 to settle yesterday's session at $2,706 an ounce.
The Karachi Sarafa Association further reported the price of 24-karat gold at Rs239,026 per 10-gram, up Rs1,715.
Similarly, the price of 22-karat gold was quoted higher at Rs219,107 per 10-gram.
On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs3,300 per tola and Rs2,829 per 10-gram.
