Gold tops Rs260,000 for first time on Fed rate cut outlook

By MG News | August 17, 2024 at 04:54 PM GMT+05:00

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August 17, 2024 (MLN): Gold price in Pakistan topped Rs260,000 per tola for the first time on growing expectations for an interest rate cut from the US Federal Reserve in September.

The 24-karat gold jumped Rs2,500 to Rs260,200 per tola.

According to Karachi Sarafa Association, the price has been kept a significant Rs4,500 below its actual cost today.

Globally, spot gold rose 3.1% this week to $2,507 an ounce. The yellow metal is up more than 20% this year amid growing expectations of monetary easing, coupled with large purchases by central banks.

The price of 24-karat gold was quoted at Rs223,080 per 10-gram, up Rs2,144.

Similarly, the price of 22-karat gold was quoted higher at Rs204,490 per 10-gram.

Silver prices also rose in the domestic market, with 24-karat silver being sold at Rs2,950 per tola (+Rs50) and Rs2,529 per 10-gram (+Rs43).

PKR (24-karat per tola)	Aug 17, 2024	Aug 16, 2024	DoD	1 Month	FYTD	CYTD
Gold	260,200	257,700	2,500	6,200	18,500	40,200
Silver	2,950	2,900	50	50	100	270

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