On Thursday, gold rates in Pakistan saw an increase, with 24-karat gold surging by an additional Rs1,600 to reach Rs245,600 per tola.Notably, the current price remains Rs3,000 lower than its true market value.
The association highlighted that, considering the substantial decline in purchasing power, today’s gold price is intentionally set Rs3,000 below its actual cost.Just last week, 24-karat gold witnessed a significant rise of Rs5,500 per tola.
The Karachi Sarafa Association also announced that the price of 24-karat gold reached Rs210,562 per 10 grams, marking an increase of Rs1,371.Similarly, the price of 22-karat gold was noted at a higher rate of Rs193,016 per 10 grams.
Additionally, silver prices surged in the local market, with 24-karat silver being traded at Rs2,730 per tola and Rs2,340.53 per 10 grams, indicating an increase of Rs80 per tola and Rs68.59 per 10 grams.Internationally, the spot gold price hovered around $2,387.58 per ounce, showing a 1.2% increase from the previous day.
The latest U.S. consumer price index (CPI) for April 2024 showed a year-on-year rise of 3.4%, slightly lower than the 3.5% recorded in March.Sequentially, the US CPI increased by 0.3% month-on-month, a decrease compared to the 0.4% rise in the previous month and below market expectations of 0.4%.
This marked the first instance of lower-than-expected inflation in six months.
