March 01, 2024 (MLN): Domestic bullion continued its upward momentum on Friday, as the price of 24-karat gold surged Rs1,100 per tola to Rs216,800.
The Karachi Sarafa Association, a reputable jeweler in the precious metals market, reported that the price of 10-gram 24-karat gold reached Rs185,871 per tola, reflecting a rise of Rs943.
Similarly, the price of 10-gram 22-karat gold was noted at Rs170,382 per tola, a gain of Rs865.
On the global front, international spot gold is up $2.77 on the day and is currently trading at $2,046.72.
The gains being witnessed in the domestic market are directly linked with the rally in the international market.
International gold is marching towards a third consecutive daily victory on a relatively weaker Dollar.
The U.S. PCE data came in line with market expectations which slipped the Dollar further and resulted in gains for the safe haven asset.
Still, expectations for cuts to US interest rates have shifted to later this year as Fed policymakers have taken a wait-and-see attitude, calling for more time and data.
