Gold price surges to Rs229,500 per tola

The local bullion market saw a modest rise on Wednesday, with 24-karat gold fetching Rs229,500 per tola, marking a Rs100 increase from the previous session.

Last week, gold prices had surged by Rs700 per tola. According to the Karachi Sarafa Association, the price of 24-karat gold rose to Rs196,760 per 10 grammes, up by Rs86.

Additionally, 22-karat gold was priced at Rs180,363 per 10 grammes.

Silver prices, however, remained steady, with 24-karat silver maintaining its price at Rs2,580 per tola and Rs2,211.93 per 10 grammes.

Internationally, spot gold approached its all-time high, trading at $2,181.6 an ounce, marking a 0.13 per cent increase for the day.

Investors are closely observing the Personal Consumption Expenditures (PCE) index data, which serves as the Federal Reserve’s preferred measure of inflation.

This data could offer insights into when the Federal Reserve might begin reducing interest rates. Lower interest rates typically benefit precious metals like gold, which do not yield interest.