Gold price per tola slips to Rs251,000

July 19, 2024 (MLN): Gold price in Pakistan rebounded on Friday after hitting a record yesterday, with 24-karat gold being sold at Rs251,000 per tola, down Rs3,000.

It is worth noting that the price has been kept Rs1,600 below its actual cost today.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs215,192 per 10-gram, down Rs2,572.

Similarly, the price of 22-karat gold was quoted lower at Rs197,259 per 10-gram.

Silver prices also fell in the domestic market, with 24-karat silver being sold at Rs2,850 per tola (-Rs50) and Rs2,443 per 10-gram (-Rs43).

On the global front, spot gold traded near $2,418 an ounce, down $26.8 or 1.10% from the previous session.

Gold is currently seeing some profit-taking, but things look positive in the medium-term amid political uncertainty and as rate cuts approach, said Kelvin Wong, Reuetrs reported OANDA's senior market analyst for Asia Pacific as saying.

Markets see a 98% chance of a Fed rate cut in September, according to the CME FedWatch Tool. Non-yielding bullion's appeal tends to shine in a low-interest rate environment.

Copyright Mettis Link News