Business Desk
Feb 17, 2024
Gold prices in Pakistan rose on Saturday, boosted by concerns regarding economic conditions, which once again sparked a flight from risky commodities towards safer ones.
In the local bullion market, the gold price recorded an increase of Rs 800 per tola and Rs 686 per 10 grams to settle at Rs 213,200 and Rs 182,785, respectively.
According to the All Sindh Sarafa and Jeweller Association, cumulatively the precious commodity has lost Rs 1,100 (or 0.51%) per tola during the week ended February 17.
Meanwhile, silver prices in the domestic market decreased by Rs 30 per tola Rs 25.72 per 10 grams to settle at Rs 2,550 and Rs 2,186.21 today.
Gold price rise in international market
In the international bullion market, the yellow metal ticked up. Still, it was on course for a second straight weekly fall after hot inflation data cooled prospects of early rate cuts by the Federal Reserve.
Spot gold was up 0.4% to $2,012.86 per ounce at 01:45 p.m. ET (1845 GMT), but has lost 0.6% for the week so far.
Data showed that US producer prices increased more than expected in January. Another report on Tuesday showed that US consumer prices rose more than expected last month.
Even though gold is considered an inflation hedge, higher interest rates dim non-yielding bullion's appeal.
As the Fed is not likely to cut interest rates in March, gold will probably struggle to gain much above the $2,000 level, said Everett Millman, chief market analyst at Gainesville Coins
