In a remarkable eighth consecutive session, the domestic bullion market has maintained its bullish trend, driving the price of 24-karat gold to new heights.
The surge reached an impressive Rs13,800 per tola during this period, with today’s session witnessing a gain of Rs450 per tola, bringing the current trade value to Rs228,600.
The Karachi Sarafa Association reported that the price of 10-gramme 24-karat gold has soared to Rs195,988 per tola, marking an increase of Rs386.
Additionally, the price of 10-gramme 22-karat gold has experienced a notable rise, reaching Rs179,655.
Contrastingly, silver prices have remained unchanged, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.
Internationally, the spotlight is on the global spot gold market, which is poised to record its most significant weekly jump in five months.
Over the past eight sessions, spot rates have climbed by 6.7 per cent, or $136, spurred by remarks from FED Chair Jerome Powell that have solidified expectations for interest rate cuts later in the year.
The inverse relationship between gold and bond yields has contributed to the precious metal’s robust performance.
Additionally, the rally in procyclical asset classes, particularly equities, has provided further support to gold as investors seek to diversify their risk exposure.
