Gold prices in Pakistan experienced an uptick on Friday, with 24-karat gold seeing an increase of Rs500, bringing its value to Rs241,700 per tola. This rise comes amidst a deliberate effort to keep the price Rs3,000 below the actual market rate, reflecting reduced purchasing power.
Gold Prices Increase in Pakistan
The Karachi Sarafa Association recorded a slight decline in the price of 24-karat gold, which dropped to Rs207,219 per 10 grams, reflecting a decrease of Rs429. On the other hand, 22-karat gold experienced a price hike, reaching Rs189,950 per 10 grams.
Stability in Silver Prices
Silver prices, however, remained unchanged, with 24-karat silver holding steady at Rs2,900 per tola and Rs2,486.28 per 10 grams. This stability in silver prices stands in contrast to the fluctuations seen in gold.
International Gold Market Trends
On the global stage, spot gold prices hovered around $2,344.5 per ounce, showing minimal movement compared to the previous closing. Investors are keeping a close watch on the possibility of U.S. interest rates impact on gold changes, especially ahead of an anticipated inflation report.
U.S. Interest Rates Impact On Gold
Recent minutes from the Federal Reserve indicate a preference for maintaining higher interest rates for a longer period to combat inflation. Such expectations often reduce gold’s appeal, as the cost of holding gold increases in a high-interest-rate environment.
Conclusion
In summary, the gold market in Pakistan has seen minor fluctuations, with gold prices rising and silver remaining steady. International factors, particularly U.S. interest rates, continue to play a significant role in shaping gold prices globally. For regular updates on gold prices, you can visit Daily Gold Signal and explore the Daily Gold Update for the latest trends.
