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Gold Price in Pakistan Drops Rs1,200 Per Tola

Gold Price in Pakistan Drops Rs1,200 Per Tola

Gold prices in Pakistan fell on Thursday, with the price of 24-karat gold declining by Rs1,200 per tola, now selling at Rs240,700 per tola. This decrease reflects a reduction in purchasing power, with prices kept Rs1,500 below the actual cost.

1. Local Market Gold Prices

The Karachi Sarafa Association reported that 24-karat gold price in Pakistan decreased to Rs206,361 per 10-grams, showing a drop of Rs1,029 per 10-grams. Similarly, the price of 22-karat gold was reduced to Rs189,165 per 10-grams.

On the other hand, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,750 per tola and Rs2,358 per 10-grams.

2. Global Gold Market Trends

Internationally, spot gold traded near $2,305 per ounce, which is a decrease of $15.5 or 0.67% from the previous session. This decline came after a report showed the US core consumer price index had dropped to its lowest point in over three years, suggesting faster policy easing by the Federal Reserve.

3. Federal Reserve’s Interest Rate Predictions

Following the report, the Federal Reserve adjusted its forecast, predicting only one quarter-point interest rate cut this year, down from the three cuts anticipated in March. Swap traders are now pricing in a 25-basis-point rate cut by November, with a 75% probability of another cut by year-end. This is a notable shift from a 50% chance of a second cut two days ago.

US producer prices, expected later on Thursday, might provide additional insights into future rate adjustments.