Gold Prices Hike In Pakistan

In Pakistan, the price of gold has taken a leap, causing a stir in the market. The rates for 24 karat gold per tola surged by Rs1,500, reaching Rs225,400 on Wednesday, compared to its previous sale price of Rs223,900. Similarly, the cost of 10 grams of 24 karat gold increased by Rs1,286, now standing at Rs193,244 from its previous Rs191,958. The All Sindh Sarafa Jewellers Association reported that the prices for 10 grams of 22 karat gold also saw an uptick, rising to Rs177,140 from Rs175,962.

However, the rates for silver remained stable, with per tola and ten-gram silver holding steady at Rs2,600 and Rs2,229.08, respectively.

The international gold market also experienced a boost, witnessing a $13 increase. The precious metal was sold at $2,148, compared to the previous day’s $2,135.


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Analysts attribute this surge to growing optimism about the Federal Reserve’s potential interest rate cut in June. Investors eagerly awaited Chair Jerome Powell’s speech and key jobs data for further guidance. In the international market, spot gold climbed 0.4% to $2,122.49 per ounce, coming just $13 shy of its record high reached on December 4 at $2,135.40. U.S. gold futures also saw a 0.3% gain, reaching $2,132.00.



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Ricardo Evangelista, a senior analyst at ActivTrades, predicts that gold might soon reach fresh all-time highs. Factors such as potential U.S. interest rate cuts, global geopolitical uncertainty, and concerns about economic activity are likely to fuel the demand for gold in the coming days. The previous week witnessed a $50 increase in gold prices, driven by poor U.S. manufacturing data and easing price pressures.