Gold Rate in Pakistan Climbs After Two-Day Losing Streak

After falling by Rs. 2,400 per tola in the last two days, the price of gold in Pakistan rose on Thursday to settle at Rs. 262,100. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 2,000 per tola to Rs. 262,100, while the price of 10 grams climbed by Rs. 1,714 to Rs. 224,708. After holding ground on Monday, the price of the precious metal fell on both Tuesday and Wednesday. In the international market, spot gold rose 0.9 percent at $2,516.18 per ounce by 0926 GMT. The surge in price came on the back of expectations of a deeper US Federal Reserve rate-cutting cycle, which is widely expected to start during the current month.