April 12, 2023 (MLN): Gold prices in domestic bullion continued to rise on Tuesday, with the price of 24-Karat gold reaching Rs218,300 per tola, up by Rs600, breaking new records.
According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold rose by Rs514 to settle at Rs187,157 per tola, while 10-gram 22-karat gold stood at Rs171,561 per tola.
In addition, the price of 24-Karat Silver rose by Rs40 to Rs2,520 per tola, and 10-gram silver gained Rs34.30 to amount to Rs2,160.50 per tola.
Internationally, the global spot gold is also shining bright, showing no signs of slowing down.
At the time of writing, the price of global spot gold is currently trading at $2014.89, up by 0.59%, while U.S. gold futures have risen by 0.7% to $2,032.40.
Investors are now eagerly awaiting the release of the US consumer price index (CPI) data, due at 05:30 pm Pakistan standard time today, for clues on the Federal Reserve’s rate hike path. All eyes are on this data, as it could indicate how close interest rates are to peaking.
Philadelphia Fed Bank President Patrick Harker recently said he feels the Fed may soon be done raising rates, while New York Fed President John Williams stated that the Fed’s policy path will depend on incoming data.
The CME FedWatch tool shows markets pricing in a 69.8% chance of a 25 basis point hike in May, following a strong U.S. employment report last week.
In the international market, spot silver climbed 0.98% to $25.32 per ounce, following the upward trend set by gold.
