ISLAMABAD: The per tola rates of 24 karat gold increased by Rs 2,900 and was sold at Rs 244,000 on Wednesday compared to its sale at Rs 241,100 on last trading day, ARY News reported.
The price of 10 grams of 24 karat gold also increased by Rs 2,487 to Rs 209,191 from Rs 206,790 whereas the prices of 10 gram 22 karat gold went up to Rs 191, 758 from Rs 189, 479, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten-gram silver remained constant at Rs 2,650 and Rs 2,271.94 respectively.
The price of gold in the international market increased by $28 to $2,365 from $2,337.
Gold prices rose on Wednesday, taking support from a weaker US dollar and lower Treasury yields, while investors awaited US consumer inflation data that could offer clues on how soon the Federal Reserve can cut interest rates.
Spot gold rose 0.5% to $2,368.62 per ounce, as of 0943 GMT. U.S. gold futures rose 0.6% to $2,374.40.
Gold prices rose nearly 1% on Tuesday even as data showed that U.S. producer prices increased more than expected in April. Fed Chair Jerome Powell said he expects U.S. inflation to continue declining through 2024 and noted it was unlikely the central bank would have to raise interest rates again.
“If the CPI starts to come down a little bit, it will be positive for gold as it is in a fantastic position to capitalize on that dynamic considering its resilience to this point,” said Kyle Rodda, a financial market analyst
