Gold rates in Pakistan dropped on May 17, 2024. The per tola rate of 24 karat gold decreased by Rs 600, selling at Rs 245,000 compared to Rs 245,600 on the last trading day. The international market also saw a $6 decrease in the price of gold. This drop was attributed to U.S. inflation data affecting expectations of interest rate cuts. Gold rates appeared set for a second consecutive weekly gain.
ISLAMABAD: The per tola rate of 24 karat gold decreased by Rs 600 and was sold at Rs 245,000 on Friday compared to its sale at Rs 245,600 on last trading day, ARY News reported.
The price of 10 grams of 24 karat gold also decreased by Rs 514 to Rs 210,048 from Rs 210,562 whereas the prices of 10 gram 22 karat gold went down to Rs 192,544 from Rs 193,016, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten gram silver remained constant at Rs2,730 and Rs2,340.53, respectively.
The price of gold in the international market decreased by $6 to $2,384 from $2,390, the association reported.
On the global front, Gold rates appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates twice this year, weighing on the dollar and Treasury yields.
Spot gold was up 0.4% at $2,384.86 per ounce, as of 0650 GMT. Bullion prices have gained 1% so far this week, having hit one-month highs in the last session. U.S. gold futures rose 0.2% at $2,389.20.
The recent decrease in gold rates has sparked interest and concern among many individuals in Pakistan. This sudden shift in pricing has led to a ripple effect in the economy and financial market, paving the way for a range of discussions and analyses. In this blog post, we will delve into the factors contributing to the decline in gold rates, the potential implications for various stakeholders, and the broader context of the global gold market. By gaining a comprehensive understanding of these changes, readers can equip themselves with the knowledge needed to navigate this shifting landscape effectively.
Source: ARY NEWS
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