In a rebound from the significant dip in the previous session influenced by higher-than-expected US inflation data, the price of 24-karat gold in the local bullion market surged by Rs300, reaching Rs211,100 per tola on Thursday.
According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold witnessed a notable increase, reaching Rs180,984, marking a gain of Rs257 compared to the previous session.
Conversely, the price of 10-gramme 22-karat gold experienced a decline, falling to Rs165,902.
Silver prices, on the other hand, remained stable today.
The 24-karat silver was reported to be trading at Rs2,580 per tola, while the 10-gramme silver was at Rs2,211.93.
Internationally, the spot gold market showed signs of recovery, currently being traded at $1,993.75, registering a gain of $1.45 day-on-day.
Notably, yesterday’s shock in the consumer price index (CPI) pushed gold prices below the $2,000 mark for the first time in two months.
The disappointing US CPI data took investors by surprise, following a recent decline in price pressures that had fueled expectations of rate cuts later this year, as reported by Bloomberg.
The likelihood of a rate cut in May dropped to about 32 per cent, down from around 64 per cent before the release of the inflation data, with less than 90 basis points anticipated for the remainder of the year.
