The domestic bullion market witnessed a marginal yet noteworthy increase in gold prices, with 24-karat gold climbing by Rs100 per tola to stand at Rs215,300 on Thursday. As reported by the Karachi Sarafa Association, this rise is mirrored in the 10-gram 24-karat gold segment, which saw an increment of Rs85, settling at Rs184,585.
SILVER STANDS STEADY
While gold experienced a slight boost, silver prices remained constant in the domestic market. The price for a tola of 24-karat silver held its ground at Rs2,570, and the 10-gram silver price was steady at Rs2,203.36, indicating a stable demand for this precious metal.
PAKISTAN’S CURRENT ACCOUNT: A SHIFT TO DEFICIT
THE GLOBAL GOLD SCENE
On the international front, gold prices experienced a positive shift, with spot gold crossing the $2,034 per ounce mark, a day-on-day gain of 0.4%. This uptick in global gold prices reflects broader market sentiments and economic indicators, influencing domestic markets, including Pakistan’s.
XAUUSD posted an intraday high of $2034.93 and intraday low of $2025.11. Gold is currently trading at $2029.47 (2:30pm Wednesday, 21 February 2024 (GMT+5) Time in Pakistan). A day earlier gold was trading at $2027.85 (2:30pm Wednesday, 21 February 2024 (GMT+5) Time in Pakistan).
FED MINUTES: A CAUTIOUS STANCE ON RATES
Recent minutes from the Federal Reserve’s meeting have shed light on the US officials’ current perspective regarding interest rate adjustments. The consensus appears to be a cautious approach, with most officials showing a reluctance to initiate rate cuts in the near term. This stance has significant implications for investment markets, particularly for gold, often seen as a safe haven during times of economic uncertainty and policy shifts.
