Gold prices rise in local market

WEB DESK: In a promising start to the week, the domestic bullion market witnessed a positive trend as the price of 24-karat gold surged by Rs700 per tola, reaching Rs215,800 per tola on Monday.

The Karachi Sarafa Association provided insights, revealing that the price of 10-gramme 24-karat gold experienced a gain of Rs600, reaching Rs185,014 compared to the previous session.

Additionally, the price of 10-gramme 22-karat gold rose to Rs169,596.

Notably, the domestic gold market broke free from a two-week losing streak last week, showing a notable gain of Rs1,900 per tola. This upward momentum indicates a favourable shift in market dynamics.

Contrastingly, silver prices remained unchanged today, with 24-karat silver maintaining its position at Rs2,570 per tola and Rs2,203.36 per 10-gramme.

Internationally, the global spot gold market observed a marginal decrease, trading near $2,032 per ounce, reflecting a 0.1 per cent decline day-over-day.

The latest Federal Reserve minutes suggest that most US officials are not in a hurry to implement rate cuts, providing stability to the market.

These developments in the domestic and international bullion markets provide investors and stakeholders with valuable insights into current trends, signalling potential opportunities in the precious metals sector.

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