Gold price increases by Rs4,600 to Rs232,400 per tola

Gold prices in Pakistan experienced a massive surge on Thursday, following cues from the Federal Reserve indicating its intention to proceed with three interest-rate cuts within the year.

The price of 24-karat gold rose by Rs4,600 per tola, reaching Rs232,400. The Karachi Sarafa Association noted a similar trend, reporting a price increase of Rs3,943 for 24-karat gold per 10-gramme, now priced at Rs199,245.

Correspondingly, 22-karat gold witnessed a rise, reaching Rs182,642 per 10-gramme.

Furthermore, silver prices also saw an uptick in Pakistan. 24-karat silver was traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme, marking an increase of Rs20 per tola and Rs17.15 per 10-gramme.

Internationally, spot gold prices surged above $2,200 an ounce for the first time, following the US Federal Reserve’s decision and a dovish stance from Jerome Powell.

The Federal Reserve opted to maintain interest rates at 5.25 per cent-5.5 per cent but upheld their forecast for three quarter-point rate reductions throughout the year.

This announcement propelled the price of gold, reaching as high as 1.6 per cent to $2,220.89 an ounce during early trading, although it slightly retreated while still maintaining levels above $2,220.