Gold prices surge by Rs2,300, reaching Rs229,300 per tola

June 09, 2023 (MLN): Domestic bullion continued its momentum on Friday, with 24-karat gold reaching Rs229,300 per tola, increasing by Rs2,300.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs196,588 per tola, marking an increase of Rs1,972.

While 10-gram 22-karat gold stood at Rs180,205, declining by Rs5,266.

Similarly, the price of silver rose in the domestic market, with 24-karat silver rising by Rs50 to close at Rs2,650 per tola and the price of 10-gram 24-karat silver closing at Rs2,272 per tola.

On the other hand, international spot gold is currently trading at $1,965.00 falling by -0.03% on the day.

CME FedWatch Tool is pricing in a 25.2% chance of an interest rate hike at the upcoming June 13-14 meeting.

Analysts at UBS said, “We continue to expect gold to rise over the coming year, supported by a weaker US dollar, strong central bank demand, and safe-haven flows,” as reported by Reuters.

Ole Hansen, head of commodity strategy at Saxo Bank said that the market is still looking for a hedge against an economic slowdown, providing some underlying support to gold.

Meanwhile, international spot silver is currently trading at $24.36, rising by 0.22% on the day.

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