Gold prices hold steady at Rs241,500 per tola

The gold prices remained stable with global rates holding at $2,324 per ounce and local prices in Karachi unchanged at Rs241,500 per tola(11.66 grams), as per the international bullion market on Tuesday.

Similarly, the price for ten grams of gold stayed firm at Rs207,047 locally.

Previously, the per tola price of 24 karat gold decreased by Rs1,400, selling at Rs241,500 on June 23 compared to Rs242,900 on the previous trading day.

The 10-gram gold was sold at Rs207,047 after a decrease of Rs1,201.

Adnan Agar, Director of Interactive Commodities while speaking to The Express Tribune said in June that the future trajectory of gold would be influenced by the upcoming US job data.

He indicated that if new job opportunities in the US remained stagnant, the metal could be subject to profit selling. However, he also pointed out the possibility of the commodity surpassing $2,400 per ounce if robust job creation data were reported.

Earlier in April, gold had surpassed $2,300 per ounce (31.10 grams) for the first time in history, briefly touching a new record high of $2,302. The surge was attributed to expectations that the US central bank would cut its benchmark interest rate in June 2024.

However, the price later receded below that historical high, indicating the possibility of profit-taking in Pakistan as well.