Gold prices in Pakistan up Rs13,350 in 7 sessions

March 07, 2024 (MLN): The gold market in Pakistan continued its bullish streak for the seventh straight session, with the price of 24-karat gold climbing by Rs2,750 per tola to Rs228,150 on Thursday.

Over the last seven trading days, the domestic bullion market has witnessed a notable appreciation of Rs13,350 or 6.2% per tola amid the surge in the international market.

The Karachi Sarafa Association further reported that the price of 10-gram 24-karat gold reached Rs195,602 per tola, reflecting a rise of Rs2,358.

The price of 10-gram 22-karat gold also saw an increase and was quoted at Rs179,301.

Meanwhile, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

International spot gold extended its rapid ascent, climbing to a peak of $2,161.48 an ounce.

The gains have taken many investors by surprise, given there haven’t been major changes in expectations for when the Federal Reserve will cut rates, said Bloomberg.

Gold typically has an inverse relationship with bond yields.

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