Gold price plummets Rs3,500 per tola amid hot US inflation report

MG News | February 14, 2024 at 12:06 PM GMT+05:00
February 14, 2024 (MLN): The price of 24-karat gold in the local bullion market plummeted Rs3,500 to Rs210,800 per tola amid hotter-than-expected US inflation data, which fueled bets that Federal Reserve may not cut rates as soon as expected earlier.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs180,727, reflecting a loss of Rs3,001 compared to previous session.
While the price of 10-gram 22-karat gold fell to Rs165,666.
Silver prices also fell, with 24-karat silver being sold at Rs2,580 per tola, depicting a fall of Rs20 DoD. The 10-gram silver price also decreased by Rs17.15 to Rs2,211.93.
On the global front, international spot gold slipped below $2,000 for the first time in two months. It fell 1.34% or $27 yesterday.
The American CPI data came as a disappointment for investors after a recent downdraft in price pressures that helped build expectations for rate cuts this year, said Bloomberg.
The numbers also gave credence to the wait-and-see approach highlighted by Jerome Powell and a chorus of Fed speakers.
Swap contracts referencing Fed policy meetings, which as recently as mid-January fully priced in a rate cut in May and 175 basis points of easing by the end of the year, were roiled.
The odds of a May cut dropped to about 32% from about 64% before the inflation data, with fewer than 90 basis points anticipated this year.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 136,379.97 273.10M |
0.32% 440.10 |
ALLSHR | 84,648.35 701.94M |
0.06% 47.97 |
KSE30 | 41,546.23 70.12M |
0.42% 172.55 |
KMI30 | 191,719.76 71.30M |
0.34% 649.79 |
KMIALLSHR | 55,827.74 371.98M |
0.16% 89.67 |
BKTi | 37,827.61 18.93M |
-1.72% -662.14 |
OGTi | 27,670.67 7.41M |
-0.42% -117.47 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 119,115.00 | 119,915.00 118,745.00 |
-515.00 -0.43% |
BRENT CRUDE | 68.71 | 69.09 67.71 |
0.00 0.00% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 |
1.80 1.90% |
ROTTERDAM COAL MONTHLY | 104.50 | 0.00 0.00 |
-1.05 -0.99% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 66.67 | 66.69 66.58 |
0.29 0.44% |
SUGAR #11 WORLD | 16.55 | 16.67 16.40 |
-0.01 -0.06% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|