Gold Prices Surge Upto $1,930 an ounce on Wednesday, hovering near its strongest levels in nine months amid a general dollar weakness.
As softening US economic data, mixed corporate earnings and recent comments from Federal Reserve officials signaled a less aggressive monetary tightening ahead. Fed Governor Christopher Waller said that upcoming rate moves and an expected continued decline in inflation left policy “pretty close” to being “sufficiently restrictive,” favoring a smaller 25 basis point increase at the next meeting.
Investors now look ahead to a raft of US data that could guide the rates outlook including the Q4 GDP growth rate, durable goods orders, the PCE price index and personal income and spending data.
Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.
As per the Sarafa Association of Pakistan, per tola today gold rate in Pakistan for 24K is 189,650. Similarly, per 10 grams today gold rate in Pakistan for 24K is 162,600. Yesterday, per tola gold rate in Pakistan for 24K was 188,900. Similarly, per 10 grams gold rate in Pakistan for 24K was 161,950.
