Gold rates jump to new record high in Pakistan

ISLAMABAD: The per tola rates of 24 karat gold witnessed an increase of Rs 4,900 and was sold at Rs 245,100 on Saturday as compared to its sale at Rs 240,200 on the previous day, ARY News reported.

The rate of 10 grams of 24 karat gold increased by Rs4,200 and was sold at Rs 210,134 against the sale price of Rs205,932 and 10 gram 22 karat gold also increased to Rs192,622 from Rs 188,772, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained constant at Rs 2,650 and Rs 2271.94 respectively.

The price of gold in the international market increased by $44 to 2,350 from $2,306, the Association reported.

Yesterday, the US Dollar (USD) headed for its first weekly loss in a month, but pulled away from two-week lows, ahead of a key US jobs report later in the day, while tensions in the Middle East kept investors on edge.

Demand for safe-haven currencies, along with more warnings from Japanese authorities, helped send the yen to two-week highs against the dollar.

Investors are wary of developments in the Middle East after U.S. President Joe Biden threatened on Thursday to condition support for Israel’s offensive in Gaza on it taking concrete steps to protect aid workers and civilians.

The dollar has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of bringing interest rates down.

It then rebounded after comments on Thursday from Minneapolis Federal Reserve President Neel Kashkari, who is not a voter on this year’s policy-setting committee, that rate cuts might not be required this year if inflation continues to stall.