- Reuters
- 9 Hours ago
Gold price up by Rs400 per tola, Rs342 per 10 grams
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- Web Desk
- Jan 17, 2025
KARACHI: The price of gold in Pakistan increased by Rs400 per tola on Friday, bringing the new rate to Rs282,600 per tola.
Similarly, the price of 10 grams of gold rose by Rs342, reaching Rs242,283.
The gold price in local market depends on international markets and local demand trends. However, analysts attribute the increase to the rising gold rates in the international market.
In the international market, gold held firm near a five-week high on Friday and was set for a third straight week of gains, as US inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year.
Spot gold was flat at $2,715.09 per ounce, as of 0332 GMT. Bullion has gained about 1 per cent so far this week.
US gold futures slipped 0.1 per cent to $2,746.90.
Also Read: Pakistan records $582 million current account surplus for December
On Thursday, gold price rose more than 1 per cent to hit its highest since Dec 12 after a slew of US economic data pressured Treasury yields further.
Gold has been supported by weakness in the dollar after inflation data this week sided with rate-cut expectations, said Ajay Kedia, director at Kedia Commodities in Mumbai.
“We see support at $2,694 and a breach of the $2,720 level will take prices towards $2,770 on the higher side,” Kedia said.
Fed Governor Christopher Waller said three or four rate cuts are still possible this year if US economic data weakens further.
Meanwhile, on the last trading day of the week, the Pakistani rupee (PKR) gained 6 paisa against the US dollar (USD). Exchange companies quoted the greenback at Rs278.80.
During the current fiscal year, the PKR has weakened by 51.49 paisa or 0.18 per cent against the USD. For the calendar year 2025 so far, the rupee has deteriorated by 30.61 paisa or 0.11 per cent.
In Thursday’s interbank session, the PKR depreciated by 8.66 paisa or 0.03 per cent against the dollar, closing at Rs278.86 per USD, compared to the previous day’s closing of Rs278.77.