Gold prices rise to new all-time high

Gold prices in Pakistan have soared to new highs with the the rate for 24K gold per tola reaching Rs. 266,500, and the rate for 22K gold reaching Rs. 244,290 per tola.

Prices for 21K and 18K gold were Rs. 233,188 and Rs. 199,875 per tola, respectively.

The surge in gold prices to an all-time high comes a day after the State Bank of Pakistan announced a 200 bps slash in the interest rates. It also follows the government's recent announcement that inflation rate in the country had witnessed a siginificant drop.

This rise in prices also reflects fluctuations in the global gold market and the Pakistani rupee exchange rate, with rates updated frequently based on live spot prices.

In contrast, the day before, September 12, 2024, gold prices had declined. The price of gold per tola dropped by Rs1,000 to Rs263,000, and the 10-gram price fell by Rs857 to Rs225,480.

Globally, spot gold decreased by $8 to $2,515 per ounce, while U.S. gold futures remained relatively stable at $2,535.20.

Despite the drop in gold prices, spot silver prices edged up slightly by 0.2%.

The stark contrast between the two days highlights the volatility in the gold market. The local gold market saw a notable increase on September 13 following the decline the previous day.

Globally, gold prices showed mixed results, with spot gold and U.S. futures reflecting a decrease, whereas other precious metals like platinum and palladium experienced gains.

Additionally, oil prices rose on September 13 due to concerns about Hurricane Francine impacting U.S. production, contrasting with the previous day's trends.