Gold price increases by Rs450 per tola

WEB DESK: The domestic bullion market in Pakistan has sustained its upward momentum for the eighth consecutive session, with the price of 24-karat gold witnessing a substantial increase of Rs13,800 per tola during this period.

In today’s trading session, the price of gold in Pakistan recorded a gain of Rs450 per tola, reaching a new high of Rs228,600.

The Karachi Sarafa Association reported that the 10-gramme 24-karat gold price also experienced a notable rise, reaching Rs195,988 per tola, reflecting an increase of Rs386.

Similarly, the price of 10-gramme 22-karat gold saw an upward trend, reaching Rs179,655.

In contrast, silver prices remained stable, with 24-karat silver holding at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

On the global front, the international spot gold market is set to record its most significant weekly surge in five months. Over the past eight sessions, spot rates have climbed by 6.7%, or $136.

This surge is attributed to remarks made by FED Chair Jerome Powell, solidifying expectations for interest rate cuts later in the year.

The traditional inverse relationship between gold and bond yields is also contributing to the precious metal’s rise.

Furthermore, gold has found strong support in recent weeks due to a rally in procyclical asset classes, particularly equities. Investors are turning to gold as a means to diversify their risk exposure amidst the evolving economic landscape.