On April 19, 2024, gold prices in Pakistan increased after a recent upward trend. The price of 24-karat gold went up by Rs500 per tola, reaching Rs250,700 in Friday’s trading session.
According to the Karachi Sarafa Association, the price of 24-karat gold for 10 grams rose to Rs214,935, up by Rs429 compared to the previous day.
Likewise, the price of 22-karat gold was also higher at Rs197,024 per 10 grams.
Today, silver prices stayed steady. For 24-karat silver, it was sold at Rs2,780 per tola and Rs2,283.4 per 10 grams.
Internationally, the current spot price of gold is $2,385.32, which is slightly higher compared to the last closing price. This rise is because of ongoing tensions in the Middle East, which make investors turn to safe assets like gold.
Recently, Iran attacked Israel with drones and missiles, increasing tensions in the region. This has made gold more attractive to investors as a safe option.
According to Kyle Rodda, a financial market analyst, gold isn’t being traded much based on economic policies right now, but more on geopolitical tensions.
Regarding interest rates, Jerome Powell, the Chair of the Federal Reserve, hinted that they might not reduce rates as soon as expected because inflation is high. This makes other investments more appealing than gold, which doesn’t pay interest.
