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KARACHI: Gold prices in Pakistan fell on Thursday despite an increase in international rates. The local market saw the gold price per tola drop by Rs1,200, settling at Rs240,700.
Similarly, the price for 10 grams of gold decreased by Rs1,029, reaching Rs206,361, as per the rates provided by the All Pakistan Gems and Jewelers Sarafa Association (APGJSA).
In contrast, silver prices remained stable at Rs2,750 per tola.
In April, gold reached an all-time high of Rs252,200 per tola in the local market.
On the international front, gold prices rose by 1% following a softer-than-expected US consumer inflation report, which fueled expectations of an interest rate cut in 2024.
Investors were also keenly awaiting the Federal Reserve’s latest policy statement and economic projections. As of 1311 GMT, spot gold was up 1%, trading at $2,338.59 per ounce, while US gold futures climbed 1.2% to $2,335.50. The consumer price index remained unchanged month-on-month in May, falling short of the anticipated 0.1% increase. Core prices rose by 0.2%, below economists’ predictions of a 0.3% rise.