On Friday, the gold rates in Pakistan experienced a decline, where 24-karat gold dropped by Rs600 to reach Rs245,000 per tola.Notably, today’s gold price remains Rs4,000 lower than its true market value, reflecting the current economic constraints.
The Karachi Sarafa Association explained that considering the substantial decrease in buying power, gold prices have been intentionally maintained Rs4,000 below their actual worth.Contrastingly, the previous week saw a rise in the price of 24-karat gold, increasing by Rs5,500 per tola.
According to the Karachi Sarafa Association, the price of 24-karat gold stood at Rs210,048 per 10 grams, experiencing a decrease of Rs514. Similarly, 22-karat gold was priced lower at Rs192,544 per 10 grams.
In the local market, silver rates remained stable, with 24-karat silver priced at Rs2,730 per tola and Rs2,340.53 per 10 grams.Internationally, spot gold traded close to $2,388.8 an ounce, marking a 0.5% increase for the day and a 1.2% rise for the week.
This increase follows the release of cooler inflation data for April in the United States. The country’s consumer price index (CPI) rose by 3.4% year-on-year, slightly lower than March’s 3.5% increase.
On a month-on-month basis, US CPI increased by 0.3%, which was lower than both the previous month’s 0.4% rise and market expectations of 0.4%.This report marks the first instance of lower-than-expected inflation in the last six months.
