Gold prices in Pakistan hit record high of Rs254,000

July 18, 2024 (MLN): Gold price in Pakistan surged to an all-time on Thursday, with 24-karat gold jumping Rs4,600 per tola to Rs254,000.

The rally comes as signs of slowing inflation in the US fuel speculation the central bank will soon start lowering interest rates. High rates tend to be negative for gold, which bears no interest.

It is worth noting that the price has been kept a significant Rs4,000 below its actual cost today due to a reduction in purchasing power.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs217,764 per 10-gram, up Rs3,944 per tola.

Similarly, the price of 22-karat gold was quoted higher at Rs199,617 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.

On the global front, spot gold hovered near $2,468 an ounce after surging past the previous all-time peak set in May.

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