Gold rates in Pakistan edge closer to historic high

The price of domestic gold is swiftly climbing, inching closer to its historic peak, with 24-karat gold now standing at Rs238,900 per tola, marking an increase of Rs1,800 in a single day.

Back in June 2023, the pinnacle of gold prices saw 24-karat gold reaching Rs240,000, making the current rate just Rs1,100 short of that milestone.

March witnessed a notable surge in the price of gold, with the precious metal gaining a significant Rs19,100, mirroring the upward trend in international gold rates.

According to the Karachi Sarafa Association, the price of 24-karat gold stands at Rs204,818 per 10 grams, marking an increase of Rs1,543 from the previous session. Meanwhile, 22-karat gold is quoted at Rs187,750 per 10 grams.

International gold rates are on the rise, fueled by escalating tensions in the Middle East and growing expectations for an imminent rate cut by the US Federal Reserve.

In yesterday’s trading session, spot gold closed at an unprecedented high of $2,280.82. Daniel Ghali, commodity strategist at TD Securities, attributed this surge to the inflow of safe-haven demand triggered by Israeli strikes on Iran’s embassy in Syria, as reported by Reuters.

Ghali further noted that the recent spike in gold prices may also be influenced by short covering activities among family offices and proprietary trading shops.

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