Gold hits one-month high, silver jumps

It comes after metals rise 4-5% globally on China economy hopes

KARACHI:

The price of silver on Saturday skyrocketed to Rs2,850 per tola (11.66 grams) after the commodity hit a decade high above $30 per ounce (31.10 grams) in the international market over speculation about the return of boom to the Chinese economy.

Silver surged Rs120 during the day, according to the All Pakistan Saraf Gems and Jewellers Association.

In addition, gold rose to almost one-month high at Rs248,100 per tola, adding another Rs3,100 to its price. The precious metal had hit an all-time high of Rs252,200 per tola in the third week of April 2024.

Talking to The Express Tribune, gold market expert Adnan Agar said almost all metals went up 4-5% in the international market on Friday including copper, platinum, nickel, silver and gold on the back of speculation that the Chinese government had injected a significant amount into its economy.

He pointed out that various metals were being used as raw material in industries in China and other parts of the world. In addition, a 0.1% slowdown in US inflation prompted global investors to buy metals on expectations the US central bank and other global central banks would cut interest rate soon to reduce the cost of borrowing for businesses.

Agar said a number of global investment banks anticipated that gold would test a new high of $2,700 per ounce this year. “This is gold’s year,” he remarked.

Fast Cables’ IPO

During the current week, Fast Cables raised equity worth Rs3.13 billion in its initial public offering (IPO) at a share price of Rs24.45 during the two-day auction at the Pakistan Stock Exchange (PSX).

The company sold a total of 128 million shares.

Published in The Express Tribune, May 19^th, 2024.

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