Gold price soars to Rs225,300 per tola

May 04, 2023 (MLN): The domestic bullion continued the upward trajectory, making yet another all-time high with 24-karat gold reaching Rs225,300 per tola, marking a surge of Rs.2,600 per tola on Thursday.

Both domestic gold and silver rates closed at their highest ever in Pakistan today.

The price of 10-gram 24-karat gold rose by Rs2,229 to settle at Rs193,158 per tola, and the price of 10-gram 22-karat gold settled at Rs177,062 per tola, as reported by Karachi Sarafa Association

Similarly, the price of 24-karat silver also surged by Rs120 to close at Rs2,870 per tola, and 10-gram 24-karat silver closed at Rs2,357.68 per tola.

Notably, international spot gold prices broke the all-time high set in 2020 and made a daily high of $2,081.82, and is currently trading at $2,036.81, a change of -0.28% on the day. Meanwhile, U.S. gold futures are at $2,047.3.

This move came after Fed raised interest rates by 25 bps yesterday, and signaled a possible rate pause.

International spot silver is currently trading at $25.51, down by 0.19%, following gold’s sell-off from the daily highs.

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