ISLAMABAD: Going up by Rs 400 on Tuesday, the per tola price of the 24 karats of gold continued the upward trend for the second consecutive session as on Wednesday it went up further by Rs.500 to close at Rs.227,800 as compared to Rs.227,300 last day.
Meanwhile, the rates for the 10 grams of 24 karats of the precious metal also witnessed an increase by Rs.429 to reach Rs.195,302 from the last day price of Rs. 194,873, while the price for the 10 grams of the 22 karats of the yellow metal increased to Rs.179,027 against the last day price of Rs. 178,634.
However, like the last day, the rates for the per tola and ten-gram of silver remained unchanged at Rs.2,580 and Rs.2,211.93 respectively
Gold Price in International Market
Like the local bullion market, the price for the yellow metal in the international market also witnessed an increase for the second consecutive day as on Wednesday it went up by $5 to settle at $2,178 from the last day price of $.2,173 per ounce.
One of the key major reasons for the recent increase (last week) in the price of gold in the international market is the continued investment from Chinese investors in the gold market due to the shrinking of the real estate and construction sector they turned to invest in safe heaven.
During the last couple of days (except the last 2 days) gold prices increased by more than $90 per ounce. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
Crunch Moment for Gold Price
As the price of the precious metal remained above $2150 during the last couple of days including the highest level of $2196 due to different reasons including the inflow of fresh investment in the yellow metal.
However now the investors are waiting to take any move further to the US Federal Reserve’s (Fed) monetary policy decision, which would be announced on Wednesday noon. The announcement about any possible rate cut or not would indicate a direction for the investors including the stock market, Gold, Oil, crypto etc
