Gold Price in Pakistan Goes Up Slightly

The price of gold in Pakistan posted a slight increase on Tuesday to settle at Rs. 229,400 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,200 per tola to Rs. 229,400, while the price of 10 grams increased by Rs. 1,029 to Rs. 196,674. In the international market, gold prices increase today due to a weaker dollar as investor focus turns to US inflation data expected later this week, which is likely to provide more information on the timing of the first interest rate cut of the year by the Federal Reserves. Spot gold was up 1.1 percent to $2,196.21 per ounce by 1122 GMT. It is pertinent to mention here that gold surged to a record high last week after Fed policymakers indicated they still expected to cut interest rates by three-quarters of a percentage point by mid of 2024.