Gold price increase in Pakistan started the week with a positive increase. The price of 24-karat gold rose by Rs1,700 per tola, reaching Rs268,000. This upward trend reflects global gold price increase, where spot gold traded near $2,581 per ounce, showing a slight increase of $2.2 or 0.08% from the previous trading session.
Global and Domestic Gold Prices Rise
The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grams increased by Rs1,458, reaching Rs229,767. In comparison, the price of 22-karat gold was also higher, selling at Rs210,620 per 10 grams. These price hikes are part of a global trend driven by economic conditions and market uncertainty.
Federal Reserve’s Impact on Gold
This week, the Federal Reserve is expected to lower interest rates for the first time in over four years. This move has the potential to influence gold prices globally, as lower interest rates make non-interest-paying assets like gold more attractive to investors.
Gold continues to gain as a reliable store of value during times of financial instability, making it a preferred investment option when interest rates drop.
Silver Prices Remain Steady
Unlike gold, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,950 per tola and Rs2,529 per 10 grams, with no change compared to the previous session.
Price Comparison (24-Karat per Tola)
- Gold: Rs268,000 (up by Rs1,700 from Rs266,300 on September 14, 2024)
- Silver: Rs2,950 (no change)
Gold’s Performance Over Time
Gold prices have been climbing steadily, showing a significant increase over various periods:
In the last month, gold prices rose by Rs7,800 per tola.
Since the start of the fiscal year, prices have surged by Rs26,300.
For the calendar year so far, gold has gained Rs48,000.
Conclusion
Gold continues to attract investors with its steady rise in both domestic and global markets. With the Federal Reserve set to lower interest rates, gold’s upward trend may continue, making it an appealing investment. Stay updated with the latest price movements by visiting Daily Gold Signal and check out daily gold updates for more insights.
