Gold price drops by more than Rs1,000 per tola

WEB DESK: In a shift in the domestic bullion market, the price of 24-karat gold experienced a notable decline on Wednesday, dropping by Rs1,100 per tola to reach Rs214,800.

According to the Karachi Sarafa Association, the cost of 10 grammes of 24-karat gold also witnessed a decrease, registering at Rs184,156, reflecting a dip of Rs944.

Meanwhile, 10-gramme 22-karat gold stood at Rs168,810.

Contrarily, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,570 per tola and Rs2,203.36 per 10 grammes.

On the global front, international spot gold saw a modest increase, trading at $2,026.92, marking a 0.17 per cent rise for the day.

In contrast, international spot silver experienced a dip, standing at $22.33, down by 0.55 per cent.

Market participants are closely monitoring key inflation data and eagerly awaiting remarks from Federal Reserve officials this week, aiming to assess the potential timing of any central bank rate cuts.

Notably, the latest Federal Reserve minutes indicate that most US officials are not currently inclined to rush into rate cuts.

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