Gold Prices Soar to New Highs in Pakistan Amidst Global Market Fluctuations

In a remarkable turn of events, gold prices in Pakistan have reached unprecedented levels, with the rate for 24K gold per tola skyrocketing to Rs. 266,500. This significant hike follows the State Bank of Pakistan's decision to slash interest rates by 200 basis points and the government's announcement of a notable drop in the country's inflation rate. The Pakistani rupee exchange rate and fluctuations in the global gold market have also contributed to this price surge. This comes on the heels of a previous day's decline, where gold prices had dropped by Rs1,000 to Rs263,000 per tola.

Key Takeaways:

• Gold prices in Pakistan have reached a new high with the rate for 24K gold per tola at Rs. 266,500, 22K at Rs. 244,290, 21K at Rs. 233,188, and 18K at Rs. 199,875 per tola.
• The price hike is largely attributed to fluctuations in the global gold market, Pakistani rupee exchange rate, and previous day's decline in prices.
• Global spot gold decreased by $8 to $2,515 per ounce, while US gold futures remained stable at $2,535.20.
• Spot silver prices edged up slightly by 0.2%.
• Oil prices rose on September 13 due to concerns about Hurricane Francine impacting US production.
• The local gold market saw a notable increase on September 13 following the decline the previous day.

Statistics:

• Gold prices per tola: 24K - Rs. 266,500, 22K - Rs. 244,290, 21K - Rs. 233,188, 18K - Rs. 199,875.
• Global spot gold price: $2,515 per ounce.
• US gold futures price: $2,535.20.
• Spot silver price increase: 0.2%.
• Oil price increase on September 13: due to concerns about Hurricane Francine.

Sources:

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• Pakistan-based financial news article, exact date not specified.
• Global gold market data, exact source not specified.
• Oil market data, exact source not specified.