Gold rates witnesses increase in Pakistan

ISLAMABAD: The per tola rate of 24 karat gold increased by Rs 800 and was sold at Rs 240,800 on Monday, ARY News reported.

The price of 10 grams of 24 karat gold also increased by Rs 686 to Rs  206,447, the All Sindh Sarafa Jewellers Association reported.

The price of gold in the international market increased by $10 to $2,343, the association reported.

Reuters reported that gold prices ticked up on Monday, as investors assessed diminishing bets of U.S. interest rate cuts ahead of a key inflation report due later in the week.

Spot gold was up 0.5% to $2,344.46 per ounce as of 0936 GMT. U.S. gold futures also climbed 0.5% to $2,345.60.

Bullion hit a record high of $2,449.89 last week, but has shed more than $100 since then.
“Gold has suffered from more hawkish perceived comments from Fed officials and better-than-expected U.S. economic data, with market participants shifting again back the timing of the first Fed rate cut,” UBS analyst Giovanni Staunovo said.

Federal Reserve officials indicated that it would likely take longer than anticipated for inflation to fall to 2%, the minutes of its latest policy meeting showed last week.

Fed Governor Christopher Waller said on Friday it’s possible that a key underlying interest rate that influences the potency of monetary policy may rise in the future after years of declines, but it’s too soon to say if that will happen.