Gold price breaks losing streak, increases by Rs600 per tola to Rs275,500

After witnessing days of decline, gold price rebounded slightly in Pakistan. The 24-karat gold rate in local bullion markets was recorded up by Rs600 per tola as the yellow metal was traded at Rs275,500.

According to rates shared by the Karachi Sarafa Association, the price of ten gramme 24-karat gold was recorded at Rs236,197. This rate also shows an increase of Rs515 per ten gramme as compared to Tuesday’s rate.

It seems like, this time, the price of precious metal was not up in line with international gold market. According to latest rates, spot gold was seen at $2,653 an ounce, showing a decline of $6.7 and 0.25 per cent.

As expected, silver prices in the country once again remained unchanged. The price for 24-karat silver was recorded at Rs3,050 per tola and Rs2,615 per ten gramme.

For those unaware, gold price in the previous week was recorded at an all-time high of Rs277,000 per tola which was attributed to the international surge in bullion in rates, intensifying geopolitical tensions in Middle East and increasing demand from Chinese and Indian market after Fed rate cuts.