Gold rate increases to Rs215,200 per tola

In Wednesday’s market update, the price of 24-karat gold exhibited an upward trend, surging by Rs750 per tola and reaching Rs215,200 per tola.

The Karachi Sarafa Association noted a marginal gain in the price of 10-gramme 24-karat gold, which stood at Rs184,500, marking an increase of Rs644 from the previous session. Similarly, the price of 10-gramme 22-karat gold experienced an uptick, reaching Rs169,124.

Global traders are currently anticipating the release of the US Federal Reserve’s meeting minutes on January 30 and 31. This event is expected to provide valuable insights into the economic outlook and potential policy shifts.

Contrastingly, silver prices remained stable, with 24-karat silver maintaining a selling price of Rs2,580 per tola, and 10-gramme silver being traded at Rs2,211.93.

It’s noteworthy that domestic gold concluded the previous week in the red zone, influenced by a downturn in international prices. Speaking of global trends, international spot gold hovered around $2,028, showing a 0.2 per cent change compared to the preceding session.

Market participants are keenly awaiting the minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday, which are anticipated to provide valuable insights into the central bank’s stance and potential future monetary policy adjustments.