Gold prices in Pakistan experienced a marginal uptick on Friday, with the value of 24-karat gold climbing by Rs300 per tola, concluding the session at Rs218,600.
According to the Karachi Sarafa Association, the closing rate for 10-gramme 24-karat gold in today’s session reached Rs187,414, marking an increase of Rs257.
Simultaneously, the price of 10-gramme 22-karat gold reached Rs171,796, reflecting a rise of Rs235.
In the domestic market, silver prices also saw an upward trend, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,670 and Rs2,289.09, respectively.
It is noteworthy that the domestic bullion market displayed a robust recovery in the previous session after enduring five consecutive losses, resulting in a cumulative loss of Rs6,300 for 24-karat gold.
This surge was attributed to a rally in international markets, which persisted today, contributing to gains in the domestic market.
As of the latest update, international spot gold is trading at $2,041.17, reflecting a 0.26 per cent increase for the day.
The ongoing upward trajectory in international gold prices is influenced by the recent statement from the US Federal Reserve, which indicates a cumulative rate cut of 75 basis points in 2024.