Gold price in Pakistan spikes Rs2,300 per tola

May 20, 2024 (MLN): Gold prices in Pakistan surged for the second consecutive day, with the rate for 24-karat gold rising by Rs2,300 to Rs250,400 per tola.

It is worth noting that the price has been kept a significant Rs4,000 below its actual cost today due to a significant reduction in purchasing power.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs214,678 per 10-gram, up by Rs1,972.

Similarly, the price of 22-karat gold was quoted higher at Rs196,788 per 10-gram.

Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,850 per tola and Rs2,443.41 per 10-gram.

On the global front, international spot gold is currently trading at $2,435.2, up by 0.85% or $20.68 compared to the last close.

The record high levels currently being witnessed by the yellow metal are attributed to strengthened bets for a rate cut by the U.S. Federal Reserve following the easing inflation figures released last week.

International silver followed this rally and reached a more than 11-year high.

Silver’s rally comes amid surging investor interest, an increasingly supportive macroeconomic backdrop, and a projected fourth annual market deficit

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