Gold prices inch up ahead of key US economic data

News Image

MG News | March 26, 2024 at 01:10 PM GMT+05:00

0:00

March 25, 2024 (MLN): The domestic bullion rose on Tuesday, with 24-karat gold being sold at Rs229,400 per tola, a gain of Rs1,200 as compared to previous session.

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

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs196,674 per 10-gram, up Rs1,029.

Similarly, the price of 22-karat gold was quoted at Rs180,284 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 was steady at $2,172.05 an ounce.

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.

The core personal consumption expenditures index, to drop on Good Friday, is expected to show inflation probably remained uncomfortably high in February, as Bloomberg reported.

That could hinder plans by US policymakers to implement three interest rate cuts this year.

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

Swaps markets trimmed wagers for a rate reduction in June to 65% from 69% late last week, after Fed Bank of Atlanta President Raphael Bostic on Monday reiterated his expectation for just one cut this year.

Still, gold remains near an all-time high amid building momentum surrounding the central bank’s long-awaited pivot to monetary easing.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,465.00 119,440.00
118,260.00
170.00
0.14%
BRENT CRUDE 72.26 73.17
71.75
-0.25
-0.34%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.98 69.79
68.45
-0.23
-0.33%
SUGAR #11 WORLD 16.41 16.58
16.40
-0.18
-1.09%

Chart of the Day


Latest News
July 30, 2025 at 05:17 PM GMT+05:00

Pakistan consumer confidence falls to 40.1 points in July


July 30, 2025 at 05:03 PM GMT+05:00

PKR rises by 10 paisa against USD


July 30, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: You Can’t Always Get What You Want


July 30, 2025 at 03:47 PM GMT+05:00

CCP resolves 223 cases, recovers Rs360m



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg