Gold rates in Pakistan increased, with 24 karat gold per tola rising by Rs 2,300 to Rs 250,400 and 10 grams by Rs1,972 to Rs 214,678. International market prices also saw a rise, hitting a record high due to expectations of a U.S. interest rate cut. Silver remained constant at Rs 2,850 per tola.
ISLAMABAD: The per tola rate of 24 karat gold increased by Rs 2,300 and was sold at Rs 250,400 on Monday compared to its sale at Rs 248,100 on last trading day, ARY News reported.
The price of 10 grams of 24 karat gold also increased by Rs 1,972 to Rs 214,678 from Rs 212,706 whereas the prices of 10 gram 22 karat gold went up to Rs 196,788 from Rs 194,980, the All Sindh Sarafa Jewellers Association reported.
The rate of per tola and ten gram silver remained constant Rs2,850 and Rs2,443.41, respectively.
The price of gold in the international market increased by $25 to $2,439 from $2,414, the association reported.
Gold prices hit an all-time high on Monday, as a slowing U.S. inflation trend boosted expectations the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.
Spot gold rose 1% to $2,438.44 per ounce, as of 0811 GMT, after hitting a record high of $2,449.89 earlier in the session. U.S. gold futures rose 1.1% to $2,442.60.
Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September.
The dollar index remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies.
A soft U.S. dollar and expectations the Federal Reserve is expected to cut rates soon has helped gold prices, said Kyle Rodda, a financial market analyst at Capital.com.
Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
“Gold prices sneaked in a cheeky record high ahead of China’s (market) open on Monday. Yet as the move has not been confirmed with by a weaker U.S. dollar, it seems to have been caught in a tailwind from higher metals futures on China’s exchanges,” said City Index senior analyst Matt Simpson.
As the global financial landscape continues to evolve, Pakistan, like many other countries, is experiencing a steady rise in gold rates. This upward trend has been influenced by various macroeconomic factors such as inflation, currency fluctuations, and geopolitical uncertainties. The allure of gold as a safe-haven asset during times of economic instability further contributes to its demand and, subsequently, its rising rates.
In recent months, Pakistan has witnessed an increase in gold prices, mirroring the international market trends. This has implications for investors, jewellers, and individuals alike, prompting them to carefully consider the impact of these escalating rates on their financial decisions.
Moreover, the evolving dynamics of global trade and the shift towards digital currencies also play a role in shaping the trajectory of gold rates in Pakistan. As the intricacies of these influences continue to unfold, it is imperative for stakeholders to stay informed and adapt their strategies accordingly.
In conclusion, the upward movement of gold rates in Pakistan underscores the importance of staying abreast of global economic developments and understanding their implications at the local level. Whether it’s for investment purposes or personal finance management, being cognizant of these trends empowers individuals and businesses to make informed decisions in the realm of precious metals.
Source: ARY NEWS
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