GOLD PER TOLA RATE IN PAKISTAN:
Karachi, Pakistan – The price of gold saw a significant increase on Thursday, with the rate for one tola of 24-karat gold rising by Rs. 1,400, reaching Rs. 254,900. This is a notable jump from its previous rate of Rs. 253,500 on the last trading day, as reported by the All Sindh Sarafa Jewellers Association.
Similarly, the price of 10 grams of 24-karat gold rose by Rs. 1,201 to Rs. 218,536, up from Rs. 217,335. The price of 10 grams of 22-karat gold also saw an increase, moving up to Rs. 200,324 from Rs. 199,224.
Meanwhile, the price of silver remained unchanged, with per tola and 10-gram silver prices holding steady at Rs. 2,900 and Rs. 2,486.28, respectively.
Global Market Influences
The increase in local gold prices reflects trends in the international market, where the price of gold rose by $17, reaching $2,432 per ounce. This rise is attributed to a combination of factors, including geopolitical tensions in the Middle East and fluctuations in the US dollar.
Gold prices experienced mild selling pressure as the US dollar rebounded, making the precious metal less attractive to investors. However, the broader bullish trend for gold remains intact due to expectations that the Federal Reserve (Fed) will begin reducing interest rates as early as September. Lower yields on US Treasury bonds have also contributed to gold’s appeal, as they reduce the opportunity cost of holding non-yielding assets like gold.
Market Reactions and Expectations
The geopolitical situation, particularly in the Middle East, has also played a significant role in driving gold prices. Iran’s vow to retaliate for the killing of Hamas leader Ismail Haniyeh by an Israeli air strike in Tehran has heightened risks of broader conflict, boosting gold’s status as a safe-haven asset.
Investors are now closely watching upcoming US economic indicators, such as the ISM Manufacturing PMI report and the Nonfarm Payrolls (NFP) data, which are expected to influence market sentiment and the future direction of gold prices.
Technical Analysis
Technically, gold prices are trading within a slightly rising channel formation, with the 50-day Exponential Moving Average (EMA) providing strong support near $2,370. The 14-day Relative Strength Index (RSI) has moved close to 60, indicating potential for further upward momentum. If gold prices break above their all-time high of $2,483.75, they could move into uncharted territory, presenting further opportunities for price increases.
