Gold price surges to record in Pakistan

August 02, 2024 (MLN): Gold price in Pakistan surged to an all-time high after US Federal Reserve Chair Jerome Powell hinted that an interest rate cut could be on the table as early as September.

The 24-karat gold jumped Rs2,400 to Rs257,300 per tola.

Globally, spot gold gained towards $2,460 an ounce. The yellow metal is up 3% this week.

At a press conference following the Fed's decision to leave its benchmark interest rate unchanged, Powell said if data keeps looking good the central bank could lower interest rates when it next meets on September 17-18.

Domestically, 24-karat gold is up Rs37,300 per tola or 17% so far this year. That compares with Pakistan’s key stock index's gain of 24.5% during the same period.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs220,593 per 10-gram, up Rs2,057.

Similarly, the price of 22-karat gold was quoted higher at Rs202,210 per 10-gram.

On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,900 per tola and Rs2,486 per 10-gram.

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