Gold prices increase by Rs.3,500 in Pakistan

F.P. Report

ISLAMABAD: The per tola price of 24 karat gold increased by Rs.3,500 and was sold at Rs.220,300 on Saturday compared to its sale at Rs.216,800 on last trading day.

The price of 10 grams of 24 karat gold also increased by Rs.3,001 to Rs.188,872 from Rs.185,871 whereas the prices of 10 gram 22 karat gold went up to Rs.173,132 from Rs.170,382, the All Sindh Sarafa Jewellers Association reported.

The price of per tola silver increased by Rs.30 to Rs2,600 whereas that of ten ten gram Silver went up by Rs.25.72 to Rs.2,229.08.

The price of gold in the international market increased by $36 to $2,103 from $.2,067, the Association reported.

Gold prices hovered near a month high on Friday after data suggested easing U.S. price pressures, reassuring investors vouching for a June interest rate cut by the Federal Reserve.

Spot gold edged 0.1% higher to $2,044.60 per ounce, as of 0808 GMT, after hitting $2050.59 on Thursday – its highest level since Feb. 2. Bullion was headed for a second consecutive weekly gain.

US gold futures were flat at $2,053.00.

Money market pricing shows traders are pricing in three quarter-point U.S. rate cuts for 2024.

Investors will watch out for remarks from at least six more Fed officials due later on Friday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust’s holdings fell 3.3% in February and 6.4% so far this year.