Local market sees notable dip in 24-karat gold prices

WEB DESK: The local bullion market witnessed a sharp decline in the price of 24-karat gold, plunging by Rs3,500 to Rs210,800 per tola.

This unexpected downturn was attributed to the release of hotter-than-expected US inflation data, which has reshaped expectations regarding the Federal Reserve’s potential rate cuts.

The Karachi Sarafa Association disclosed that the price of 10-gramme 24-karat gold reached Rs180,727, marking a notable loss of Rs3,001 in comparison to the previous session.

Simultaneously, the price of 10-gramme 22-karat gold experienced a drop, reaching Rs165,666.

Silver prices were not immune to this downward trend, with 24-karat silver being traded at Rs2,580 per tola, indicating a decline of Rs20 day-on-day.

The 10-gramme silver price also registered a decrease, falling by Rs17.15 to Rs2,211.93.

Internationally, the scenario was mirrored as spot gold slipped below $2,000 for the first time in two months, experiencing a 1.34 per cent decline, equivalent to $27.

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