The price of gold has increased again today in both global and local markets.
In the international bullion market, gold per ounce increased by $13, reaching a new global price of $2703.
Meanwhile, in local gold markets, the price of 24-carat gold per tola rose by Rs 1400 to Rs 282,200, while the price of 10 grams of gold also increased by Rs 1200 to Rs 241,941.
Additionally, the price of silver per tola increased by Rs 83, reaching Rs 3433, and the price of silver per 10 grams rose by Rs 71, reaching Rs 2943.
It is important to note that the prices of gold also increased yesterday, with the global price rising by $29 per ounce and the local price increasing by Rs 2900 per tola.
Gold prices firmed near one-month highs hit earlier on Thursday after a softer-than-expected core US inflation print increased chances of two Federal Reserve rate cuts this year, with the first likely in June.
Spot gold gained 0.3% to $2,704.56 per ounce as of 0934 GMT after hitting its highest level since Dec. 12 earlier in the session. US gold futures gained 0.7% to $2,736.50.
Further gains in safe-haven bullion were, however, limited as Hamas and Israel reached a deal for a ceasefire in Gaza after 15 months of conflict and heightened Middle East tensions.
Gold rallied to multiple-record highs and is still up nearly 50% since the war began in October 2023.
“Although de-escalating geopolitical tensions can dilute demand for safe havens, bullion is still holding on to most of its post-CPI gains, suggesting that the Fed rate outlook remains the primary driver for gold prices,” said Exinity Group chief market analyst Han Tan.
“Gold should find itself in a supportive environment, so long as market participants can hold on to expectations for Fed rate cuts in 2025.”
