Gold prices shoot up again as global demand surges
Business
Gold prices in both global and local markets saw a sharp rise after the US Federal Reserve cut its interest rate. The international rate hit $4,018 per ounce, while Pakistan’s local market saw price
KARANCHI (Dunya News) – Gold prices have once again gone through the roof as global demand picked up steam following the US Federal Reserve’s decision to slash the interest rate by 25 basis points.
In the international bullion market, the price of gold jumped by a hefty $53 per ounce, hitting a record $4,018 per ounce mark.
The surge in the global market immediately rubbed off on local bullion markets. In Pakistan, 24-karat gold per tola skyrocketed by Rs5,300, reaching Rs424,162, while the 10-gram rate climbed by Rs4,544 to Rs363,650.
Gold prices surge again after two-day pause
Silver also followed suit, with the per tola price increasing by Rs158 to Rs5,192, and the 10-gram rate going up by Rs136 to Rs4,451.
