Gold tops Rs260,000 for first time on Fed rate cut outlook
MG News | August 17, 2024 at 04:54 PM GMT+05:00
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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