Gold prices rose by Rs1100 per tola in the domestic market on Friday, as reported by the All Pakistan Jewelers Manufacturers Association.
The per tola price of gold reached Rs216,800, marking a significant increase. Similarly, the price of 10 grams surged by Rs943 to Rs185,871. Meanwhile, in the international market, the price of gold rose by $10 to $2,067.
The rise in gold prices came as data indicated a slowdown in U.S. price pressures, which reassured investors anticipating a potential interest rate cut by the Federal Reserve in June. Spot gold saw a 0.1% increase to $2,044.60 per ounce, reaching its highest level since February 2. This marked the second consecutive weekly gain for bullion.
However, spot platinum experienced a 0.2% decline to $871.06 per ounce, while palladium dropped 0.3% to $939.12. Both metals recorded a second consecutive monthly decline, with palladium touching lows not seen in over five years at $849.13.
Spot silver also fell by 0.4% to $22.59 per ounce.
