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Gold Prices Surprisingly Recorded All Time High In Pakistan

ISLAMABAD: Today an increase of Rs2350 in price of 24 karats of gold per tola, the gold prices reached to all time high at Rs169,650 on Monday compared to its sale at Rs167,300 on during last trading day.

The price of 10 gram 24 karat gold also increased by Rs 2016 and was sold at Rs145,448 compared to Rs143,432 whereas the prices of 10 gram 22 karat gold went up to Rs133,327 against its sale at Rs131,480, All Sindh Sarafa Jewellers Association reported.

The price of per tola silver increased by Rs80 and was sold at Rs1970 whereas that of ten gram silver increased by Rs.68.58 to Rs1688.95.

The price of gold in the international market decreased by US$3 and was traded at US$1,794 against its sale at US$1,797 the previous day, the association reported.

while internationally Gold fell below $1,790 an ounce on Monday, snapping a four-day advance as the dollar gained on stronger-than-expected US producer price data, while investors prepare for US consumer price data and the Federal Reserve’s interest rate decision this week.

The US CPI report on Tuesday will be the last major data before the Fed announces its policy decision on Wednesday. The US central bank is widely expected to deliver a smaller 50 basis point rate hike this week, though the likely peak for rates remain highly uncertain as inflationary pressures stay elevated.

Investors also turned cautious as other major central banks including the European Central Bank, the Bank of England and the Swiss National Bank are set to decide on monetary policy this week as well.

Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.