Gold price jumps Rs 1400 per tola

Gold prices in Pakistan climbed on Thursday, with 24-karat gold selling for Rs282,200 per tola, marking an increase of Rs1,400, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

Similarly, the price of 24-karat gold per 10 grams rose by Rs1,200, reaching Rs241,941, while 22-karat gold per 10 grams was priced at Rs221,787.

Silver prices also saw a notable increase in the domestic market. The price of 24-karat silver jumped by Rs83 to Rs3,433 per tola, while per 10 grams, silver rose by Rs71, reaching Rs2,943.

Globally, spot gold traded near $2,707 per ounce, gaining $12.8 or 0.48% from the previous session.

The uptick in gold prices is attributed to a softer-than-expected U.S. core inflation report, which boosted expectations of two Federal Reserve rate cuts this year, with the first anticipated in June.

The reduced likelihood of rate hikes has strengthened gold’s appeal as a safe-haven asset, pushing prices closer to a one-month high.