April 17, 2024 (MLN): Gold price in Pakistan continued its record rally, with 24-karat gold gaining another Rs2,200 to Rs251,900 per tola on Wednesday.
The Karachi Sarafa Association further reported that the price of 24-karat gold reached Rs215,964 per 10-gram, up Rs1,887 DoD.
Similarly, the price of 22-karat gold was quoted higher at Rs197,967 per 10-gram.
Similarly, silver prices also surged, with 24-karat silver being sold at Rs2,780 per tola and Rs2,283.4 per 10-gram. Silver prices gained 4.9% DoD.
On the global front, international spot gold held near $2,387 an ounce.
Meanwhile, intentional spot silver traded near $28.44 an ounce, a gain of 1.2% DoD.
Yesterday, Federal Reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings, as Bloomberg reported.
Powell pointed to the lack of additional progress made on inflation after the rapid decline seen at the end of last year, noting it will likely take more time for officials to gain the necessary confidence that price growth is headed toward the Fed’s 2% goal before lower borrowing costs.
If price pressures persist, he said, the Fed can keep rates steady for “as long as needed.”
Traders are closely monitoring developments surrounding the Middle East conflict, that may raise appeal for safe heaven assets.
To note, Iran launched attack drones and missiles against Israel on Saturday, taking the conflict in the region into a perilous new phase.
