Pakistan gold market sees uptick, 24-Karat up Rs700 per tola

June 04, 2024 (MLN): After remaining stable in the previous session, the price of gold in Pakistan increased on Tuesday, with 24-karat gold being sold at Rs241,000 per tola, up by Rs700.

It is worth noting that the price has been kept a significant Rs3,000 below its actual cost today due to a reduction in purchasing power.

Last week, Pakistan's bullion market saw a slight revival this week as the price of its key benchmark, 24-karat gold inched up by Rs300 to settle at Rs240,300 per tola.

The Karachi Sarafa Association reported the price of 24-karat gold increased by Rs600 to Rs206,619 per 10-gram.

Similarly, the price of 22-karat gold was quoted at Rs189,400 per 10-gram.

Silver prices also remained unchanged, with 24-karat silver being sold at Rs2,900 per tola and Rs2,486.28 per 10-gram.

On the global front, spot gold traded near $2,331.69 an ounce, down by 0.81% compared to the previous close.

The uncertainty regarding interest rate cuts by the Fed has created confusion among participants about whether the weakening trend in inflation will continue, resulting in the yellow metal witnessing loss.

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