ISLAMABAD: The price of 24-karat gold per tola increased by Rs1,500, reaching Rs225,400 on Wednesday compared to its previous value of Rs223,900 on the last trading day. Similarly, the price of 10 grams of 24-karat gold rose by Rs1,286 to Rs193,244 from Rs191,958. The All Sindh Sarafa Jewellers Association reported that the prices of 22-karat gold also saw an increase, with 10 grams now priced at Rs177,140 compared to the previous Rs175,962.
Meanwhile, the rates for per tola and ten-gram silver remained steady at Rs2,600 and Rs2,229.08, respectively.
Internationally, gold prices saw a rise of $13, reaching $2,148 compared to the previous day's $2,135.
Yesterday, gold prices surged towards record levels amidst growing expectations of the Federal Reserve announcing its first interest rate cut in June. Investors eagerly awaited Chair Jerome Powell’s speech and crucial jobs data for further guidance.
Spot gold climbed 0.4% to $2,122.49 per ounce as of 1219 GMT, nearing its record high of $2,135.40 recorded on Dec. 4. Meanwhile, U.S. gold futures increased by 0.3% to $2,132.00.
Analysts anticipate gold reaching new all-time highs soon, supported by the potential easing of U.S. interest rates. Additionally, global geopolitical uncertainties and concerns regarding economic activity are expected to fuel the demand for gold.
