Gold price in Pakistan soars by Rs13,800 per tola in past 8 sessions

March 08, 2024 (MLN): The domestic bullion market maintained its bullish trend for the eighth consecutive session, resulting in the price of 24-karat gold surging by Rs13,800 per tola in these sessions.

In today's session, gold price in Pakistan registered a gain of Rs450 per tola to trade at Rs228,600.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold reached Rs195,988 per tola, reflecting a rise of Rs386.

Furthermore, the price of 10-gram 22-karat gold also saw an increase and was quoted at Rs179,655.

Conversely, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

On the global front, international spot gold is on track to mark its biggest weekly jump in five months.

In the past 8 sessions of the rally, spot rates have climbed 6.7% or $136 as FED Chair Jerome Powell's remarks solidified expectations for interest rate cuts in the middle of the year.

Gold typically has an inverse relationship with bond yields.

Another factor on why gold has been so solidly supported in recent weeks is the rally in procyclical asset classes, particularly equities as investors seek to diversify their risk exposure, Kavalis said, as Reuters reported.

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