In a remarkable seventh consecutive session, the gold market in Pakistan continued its bullish trend, witnessing a surge in the price of 24-karat gold by Rs2,750 per tola, reaching Rs228,150 on Thursday.

Over the course of the past seven trading days, the domestic bullion market has experienced a significant uptick, with the price of gold appreciating by Rs13,350 per tola, marking a substantial 6.2 per cent increase. This surge is attributed to the notable rise in the international market.

The Karachi Sarafa Association shared that the price of 10-gramme 24-karat gold has reached Rs195,602 per tola, indicating a substantial rise of Rs2,358.

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Additionally, the price of 10-gramme 22-karat gold has also seen an upward trend, reaching Rs179,301.

Contrastingly, silver prices remained stable today, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

On the global front, the international spot gold market continued its rapid ascent, reaching a peak of $2,161.48 per ounce.

These gains have surprised many investors, especially considering the absence of major changes in expectations regarding the Federal Reserve’s rate-cutting decisions, as reported by Bloomberg.

It’s worth noting that gold traditionally exhibits an inverse relationship with bond yields, further contributing to the complexity of recent market movements.