Gold prices steady ahead of US Fed meeting

March 20, 2024 (MLN): The domestic bullion edged higher on Wednesday, with the price of 24-karat gold gaining Rs500 to Rs227,800 per tola.

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs195,302 per 10-gram, reflecting an increase of Rs429.

Similarly, the price of 22-karat gold rose and was quoted at Rs179,027 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.

Last week, 24-karat gold snapped its two-week-long upward journey and settled with a loss of Rs2,700 per tola.

On the global front, international spot gold traded near $2,155.8 an ounce, down by 0.08% from the previous session.

Investors are closely monitoring the US Federal Reserve's policy decision later today, with the market largely expecting the Fed to hold firm.

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