Gold rates go up in Pakistan

ISLAMABAD: The rates of per tola 24 karat gold increased by Rs1,500 and was sold at Rs225,400 on Wednesday compared to its sale at Rs 223,900 on the last trading day, ARY News reported.

The price of 10 grams of 24 karat gold also increased by Rs 1,286 to Rs193,244 from Rs 191,958 whereas the prices of 10 gram 22 karat gold went up to Rs177,140 from Rs 175,962 the All Sindh Sarafa Jewellers Association reported.

The rates of per tola and ten-gram silver remained constant at Rs 2,600 and Rs 2,229.08 respectively.

The prices of gold in international market increased by $13 and was sold at $2,148 as compared to the last day’s $2,135.

Yesterday, gold rates headed towards record highs, driven by mounting hopes of the Federal Reserve’s first interest rate cut in June as investors awaited Chair Jerome Powell’s speech and a key jobs data for further guidance.

Spot gold rose 0.4% to $2,122.49 per ounce as of 1219 GMT, and was just $13 away from achieving a record high, after hitting its current peak of $2,135.40 on Dec. 4.
U.S. gold futures gained 0.3% to $2,132.00.

“We are likely to see gold touching fresh all-time highs soon with potential easing of U.S. interest rate cuts, while global geopolitical uncertainty and apprehension over economic activity are likely to fuel the high demand for gold,” said Ricardo Evangelista, senior analyst at ActivTrades.

Gold rose by around $50 last week, spurred by poor U.S. manufacturing data and easing price pressures.