Gold Price in Pakistan Hits 6-Month High After Huge Single Day Increase

The price of gold in Pakistan witnessed a huge increase on Thursday as it surged to Rs. 232,400 per tola, a 6-month high. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 4,600 per tola to Rs. 232,400, while the price of 10 grams increased by Rs. 3,943 to Rs. 199,245. The increase in price is down to gold prices surging to a record high in the international market as the US dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for the current year. Spot gold rose 1 percent at $2,208.30 per ounce as of 0725 GMT, after reaching an all-time high earlier in the session, while the US gold futures also increased by 2.3 percent to $2,211.