March 29, 2024 (MLN): Gold price in Pakistan rose for the fourth straight session, resulting in remarkable gains as the price of 24-karat gold surged by Rs3,800 per tola to Rs234,800.
It is crucial to note that in just the past five trading sessions of the week, 24-karat gold has gained Rs 6,600 per tola.
The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs201,303 per 10-gram, up Rs3,258 compared to the previous session.
Similarly, the price of 22-karat gold was quoted at Rs184,528 per 10-gram, reflecting a gain of Rs2,987 DoD.
Likewise, silver prices also rose, with 24-karat silver being sold at Rs2,600 per tola and Rs2,211.93 per 10-gram.
On the global front, the commodity market was closed today on account of the Good Friday holiday.
Over the week, international spot gold settled at a new all-time high of $2,233.12, driving local prices higher.
Gold continues to reach higher ever since the US Fed Reserve anticipated three rate cuts in 2024.
Lower borrowing costs typically benefit the precious metal, which doesn’t yield interest.
"Gold seems to be on standby after a three-day rally with investors on the sidelines ahead of key US data," said FXTM senior research analyst Lukman Otunuga, as Reuters reported.
