Gold price surges by Rs600 to Rs241,900 per tola

The price of gold in Pakistan saw a notable increase on Wednesday, with 24-karat gold reaching Rs241,900 per tola, marking a rise of Rs600 per tola.

According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes also climbed, now standing at Rs207,390, an increase of Rs514.

Similarly, 22-karat gold experienced a price hike, with the new rate quoted at Rs190,108 per 10 grammes. In contrast, silver prices remained stable in the domestic market. The price of 24-karat silver held steady at Rs2,750 per tola and Rs2,358 per 10 grammes.

On the international stage, spot gold traded near $2,314 per ounce, showing little change from the previous session. Investors are keeping a close watch on the upcoming US inflation data, which is set to be released just hours before the Federal Reserve’s decision on interest rates today.

This data could significantly influence gold prices, as any shifts in interest rates may impact investor sentiment and demand for precious metals.

The recent surge in gold prices in Pakistan reflects the broader global economic uncertainties and the anticipation of key economic indicators that could sway the market in the coming days.