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Reading: Gold Prices in Pakistan Hit Record High Amid Global Trends
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Gold Prices Surge
PhotoNews Pakistan > Business > Gold Prices in Pakistan Hit Record High Amid Global Trends
Business

Gold Prices in Pakistan Hit Record High Amid Global Trends

Web Desk
By Web Desk Published September 12, 2024 1 Min Read
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Gold hits record high on global trends. Photo Credits: Business Standard
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Gold prices in Pakistan reached a record high of Rs264,000 per tola (11.66 grams), marking a single-day increase of Rs2,300. This surge aligns with global trends where investors are positioning aggressively in anticipation of the upcoming CPI inflation data release.

Gold prices in Pakistan registered back-to-back gains on Wednesday in line with their increase in the international rates. In the local market, the price of gold per tola gained Rs2,300, clocking in at Rs264,000, which is a fresh record high in Pakistan.

Read more:… pic.twitter.com/FCgsbra7QS

— Business Recorder (@brecordernews) September 11, 2024

Internationally, gold advanced $23 per ounce to $2,524, approaching its peak. Market watchers anticipate a slowdown in US inflation and expect challenging unemployment and job creation figures for August. These factors could prompt a significant interest rate reduction by the US Federal Reserve.

Simultaneously, the Pakistani rupee appreciated by Rs0.08 in the inter-bank market, closing at Rs278.54 against the US dollar, maintaining its upward trajectory for a second day. The rupee strengthened by Rs0.10 in the open market, reaching Rs280.85 per dollar. Market analysts note that foreign investment of $27 million in Pakistan’s government debt securities has helped stabilize forex reserves and support the rupee’s value.

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