Gold prices climb slightly, reach Rs229,500 per tola

March 27, 2024 (MLN): The domestic bullion inched up on Wednesday, with 24-karat gold being sold at Rs229,500 per tola, a gain of Rs100 as compared to previous session.

To note, last week gold price had rose Rs700 per tola.

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs196,760 per 10-gram, up Rs86.

Similarly, the price of 22-karat gold was quoted at Rs180,363 per 10-gram.

On the other hand, silver prices remained unchanged, with 24-karat silver being sold at Rs2,580 per tola and Rs2,211.93 per 10-gram.

Globally, spot gold traded close to its record at $2,181.6 an ounce, up 0.13% on the day.

Investors are closely monitoring the personal consumption expenditures (PCE) index data, the Fed's preferred gauge of inflation, which may provide traders with a firmer view on when the Federal Reserve will start cutting interest rates.

Lower borrowing costs typically benefit the precious metal, which doesn’t yield interest.

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