Gold rate climbs to Rs227,300 per tola

March 19, 2024 (MLN): The domestic bullion rebounded slightly on Tuesday, with the price of 24-karat gold gaining Rs400 to Rs227,300 per tola.

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs194,873 per 10-gram, reflecting an increase of Rs343.

Similarly, the price of 22-karat gold rose and was quoted at Rs178,634 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 an ounce, down by 0.25% from the previous session.

This drop in the international market is attributed to lowered expectations of a U.S. interest rate cut after sluggish price data last week.

U.S. consumer prices increased above expectations in February and producer prices also reflected signals of inflationary pressures.

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