The price of gold in Pakistan surged past Rs260,000 per tola for the first time, driven by increasing expectations of a potential interest rate cut by the US Federal Reserve in September. The 24-karat gold rate rose by Rs2,500, reaching Rs260,200 per tola.
According to the Karachi Sarafa Association, today’s price is kept significantly lower by Rs4,500 than its actual value.
On the international stage, spot gold saw a 3.1 per cent increase this week, reaching $2,507 per ounce. The precious metal has gained over 20 per cent this year, fueled by growing expectations of monetary easing and significant purchases by central banks.
In the domestic market, the price of 24-karat gold was quoted at Rs223,080 per 10 grammes, reflecting an increase of Rs2,144. Similarly, the price of 22-karat gold rose to Rs204,490 per 10 grammes.
Silver prices also climbed in the domestic market, with 24-karat silver selling at Rs2,950 per tola, an increase of Rs50, and Rs2,529 per 10 grammes, up by Rs43.
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