Gold prices in Pakistan soared to a record high following remarks from US Federal Reserve Chair Jerome Powell, who suggested that an interest rate cut might be considered as early as September.
The price of 24-karat gold surged by Rs2,400, reaching Rs257,300 per tola. On the international stage, spot gold prices climbed to around $2,460 per ounce, marking a 3 per cent increase for the week.
Powell, speaking at a press conference after the Fed’s decision to maintain its benchmark interest rate, indicated that if economic data remains favourable, the central bank could potentially reduce interest rates during its next meeting on September 17-18.
In Pakistan, 24-karat gold has risen by Rs37,300 per tola, or 17 per cent, since the start of the year. This compares to a 24.5 per cent gain in the country’s key stock index over the same period.
The Karachi Sarafa Association reported the price of 24-karat gold at Rs220,593 per 10-gramme, up by Rs2,057. Additionally, 22-karat gold was priced at Rs202,210 per 10-gramme.
Meanwhile, silver prices in the domestic market remained stable, with 24-karat silver selling for Rs2,900 per tola and Rs2,486 per 10-gramme.
