The per tola price of 24 karat gold increased by Rs 800 and was sold at Rs 219,500 on Saturday against its sale at Rs 218,700 the previous day, All Sindh Sarafa Jewellers Association reported.
The price of 10 grams of 24-karat gold also surged by Rs 686 to Rs 188,186 from Rs 187,500, whereas the price of 10 grams of 22 karat gold went up to Rs 172,504 from Rs 171,875. The price of per tola silver and that of ten-gram silver remained unchanged to close at Rs 2600 and Rs 2229.08 respectively. The price of gold in the international rose by $6 to close at $1990 from $1984, the association reported. Gold futures on the COMEX division of the New York Mercantile Exchange fell on Saturday as the US dollar strengthened.
The most active gold contract for June delivery fell 8.80 U.S. dollars, or 0.44 percent, to close at 2,007.00 dollars per ounce.
In an audience discussion at the Richmond Association for Business Economics on Monday, Richmond Fed President Tom Barkin said that he wants to see more evidence that U.S. inflation is settling back to the Federal Reserve’s 2 percent target, and that he’s reassured by stability in the banking sector.
