ISLAMBAD, JULAY 18: On Thursday, the price of gold in Pakistan increased by more than Rs. 4,500 per tola, setting a record. The price of 24 carat gold increased by Rs. 4,600 per tola to Rs. 254,000, while the price of 10 kilos increased by Rs. 3,944 to Rs. 211,591, according to statistics released by the Karachi Sarafa Association.
The Sarafa Association said that because purchasers’ purchasing power has decreased, the price of gold has been held below cost by Rs. 4,000. Local gold prices increased in tandem with global prices, which surged to almost all-time highs. The revived expectation of a US interest rate decrease is the primary cause of the worldwide price spike.
As of 06:41 GMT, spot gold was up 0.5 percent to $2,470.62 per ounce, while US gold futures were up 0.5 percent to $2,473.10. The senior portfolio manager at Sprott Asset Management, Ryan McIntyre, believes that the impending US elections combined with lower interest rates would certainly drive gold prices above $2,500.
