24-karat gold price increases by Rs900 per tola

WEB DESK: In a continued upward trend, domestic bullion marked significant gains on Monday, propelling the price of 24-karat gold to an increase of Rs900 per tola, reaching Rs221,200.

The Karachi Sarafa Association disclosed that the 10-gramme 24-karat gold observed a substantial rise of Rs771 per tola, now standing at Rs189,643.

Similarly, the 10-gramme 22-karat gold witnessed an uptick, settling at Rs173,840 per tola.

Contrary to gold, silver prices held steady today, maintaining the 24-karat silver rate at Rs2,600 per tola and Rs2,229 per 10-gramme.

It’s noteworthy that the previous week experienced a noteworthy surge in gold prices, witnessing a remarkable increase of Rs5,200 per tola in 24-karat gold.

This surge in the local market is directly linked to the ongoing rally in the international gold market.

Global spot gold reached a two-month peak on Friday following positive US economic data, strengthening expectations of an imminent rate cut by June.

US manufacturing activity data revealed a decline in production, coupled with price data aligning with market expectations.

This triggered a depreciation of the dollar and subsequently boosted the appeal of gold as a safe-haven asset.

Presently, international spot gold is trading at $2,086.62, reflecting a gain of $3.76, or 0.2 per cent, day-on-day, further benefiting the domestic gold market.

The confluence of global factors continues to shape the trajectory of precious metal prices in the local landscape.

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