Gold gains Rs900 Per Tola in Pakistan ahead of US Inflation Report

Gold prices in Pakistan experienced an upward trajectory on Thursday, marking a significant rise in value. The price of 24-karat gold surged to Rs215,700 per tola, witnessing an impressive increase of Rs900. This surge was reported by the Karachi Sarafa Association, a well-known entity in the precious metals market.

Additionally, the association highlighted that the price of 10-gram 24-karat gold reached Rs184,928 per tola, reflecting a notable rise of Rs772. Similarly, the price of 10-gram 22-karat gold was observed at Rs169,517 per tola, representing a substantial gain of Rs707.

In contrast, silver prices remained unchanged during the day. The price of 24-karat silver stood at Rs2,570 per tola and Rs2,203.36 per 10-gram, maintaining stability in the market.

On the global front, the international spot gold market saw an increase, with prices currently trading at $2,037.01, showing a modest rise of 0.12%. Likewise, spot silver prices also experienced an uptick, reaching $22.51, up by 0.27%.

Investors are closely monitoring the situation, particularly awaiting the release of the US Personal Consumption Expenditures (PCE) price index. This index is widely regarded as a key indicator of inflation and is closely watched by the Federal Reserve in shaping its monetary policy decisions. Analysts believe that the upcoming PCE figures, along with other economic indicators from the US, will likely have a significant impact on market sentiment.

Furthermore, there is speculation among investors regarding potential shifts in US interest rates. Recent inflation data has been higher than expected, prompting a reevaluation of the timing for any future rate adjustments by the Federal Reserve. As policymakers adopt a cautious approach, preferring to gather more data before making decisions, market participants are eagerly awaiting further clarity on the central bank's stance regarding inflation and monetary policy adjustments.