ISLAMABAD: The per tola price of 24 karat gold decreased by Rs.300 and was sold at Rs. 216,100 on Wednesday compared to its sale at Rs.216,400 on last trading day.
The price of 10 grams of 24 karat gold also decreased by Rs. 257 to Rs. 185,271 from Rs.185,528 whereas the prices of 10 gram 22 karat gold went down to Rs.169,832 from Rs.170,067 the All Sindh Sarafa Jewellers Association reported.
The price of per tola silver decreased by Rs.10 and was sold at Rs.2,650 whereas that of ten gram Silver decreased by Rs.8.58 to Rs.2,271.94.
The price of gold in the international market decreased by $3 to $2,047 from $.2,050, the Association reported.
Gold prices edged up on Wednesday, supported by a slightly weaker U.S. dollar ahead of a critical inflation report that could offer some clues on whether the Federal Reserve will begin cutting interest rates this year.
Spot gold gained 0.2% to $2,033.90 per ounce, as of 1148 GMT. U.S. gold futures rose 0.3% to $2,040.00 per ounce.
“If the CPI figures exceed market expectations, perhaps forcing the Fed to delay its policy pivot, that could force bullion to relinquish more of its gains from the final quarter of 2023,” said Han Tan, chief market analyst at Exinity Group.
“However, further evidence of U.S. disinflation taking hold may propel spot gold closer to $2,100 in the immediate term.”
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