Gold price rose again today in both global and local markets.
In the international gold market, gold per ounce rose by $13, reaching a new global price of $2,703.
Meanwhile, in the local gold markets, the price of 24 carat gold per tola rose by Rs 1400 to Rs 282,200, while the price of 10 gram gold also increased by Rs 1200 to Rs 241,941.
Additionally, silver price per tola increased by Rs 83 to Rs 3433, and silver price per 10 grams increased by Rs 71 to Rs 2943.
It is important to note that gold prices also rose yesterday with the global price increasing by $29 per ounce and the local price increasing by Rs 2900 per tola.
Gold prices held steady near one-month highs hit earlier on Thursday after a softer-than-expected U.S. core inflation print raised the prospect of two Federal Reserve rate cuts this year, with the first likely in June.
Spot gold was up 0.3 percent at $2,704.56 an ounce by 09:34 GMT, after hitting its highest level since Dec. 12 earlier in the session. U.S. gold futures were up 0.7 percent at $2,736.50.
Further gains in the safe haven were, however, limited as Hamas and Israel reached a cease-fire agreement in Gaza after 15 months of conflict and heightened tensions in the Middle East.
Gold rose to multiple record highs and is still up nearly 50% since the war began in October 2023.
“While de-escalation of geopolitical tensions may reduce demand for safe havens, gold still retains most of its post-CPI gains, suggesting the outlook for Fed interest rates remains the main driver for gold prices,” said Exinity Group chief market analyst Han. Tan.
“Gold should find itself in a supportive environment as long as market participants can maintain expectations of Fed rate cuts in 2025.”
a href=”https://tribune.com.pk/story/2522531/gold-prices-continue-upward-trend-in-global-and-local-markets”>Source link
