Gold prices witness increase in local markets

Karachi: The per tola price of 24 karat gold in Pakistan witnessed a rise of Rs.450, reaching Rs.217,900, compared to its previous value of Rs.217,450 on the last trading day.

The All Sindh Sarafa Jewellers Association said that the prices of 10 grams of 22 karat gold also saw an uptick, reaching Rs.171,246 from Rs.170,893.

Simultaneously, the price of 10 grams of 24 karat gold increased by Rs.386, settling at Rs.186,814 from its previous rate of Rs.186,428.

The per tola and ten-gram silver prices remained steady at Rs.2,650 and Rs.2,271.94, respectively. Internationally, the price of gold increased by $7, reaching $2,075 from $2,068.

The local fluctuations are reflective of the global surge in gold prices, influenced by safe-haven appeal amid heightened tensions in the Middle East and renewed expectations for an early rate cut by the U.S. Federal Reserve.

The spot gold experienced a 0.3% increase, reaching $2,055.30 per ounce, while U.S. gold futures rose 0.4% to $2,059.20 as of 0830 GMT on Monday.