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Gold prices rose in Pakistan on Tuesday, according to data compiled by FXStreet. The price for 24-carat Gold stood at 17,987.48 Pakistani Rupees (PKR) per gram, up PKR 27.61 compared with the PKR 17,959.88 it cost on Monday. The price for 24-carat Gold increased to PKR 209,802.44 per tola from PKR 209,480.46 per tola. Unit measure Gold Price in PKR 1 Gram 17,987.48 10 Grams 179,874.81 Tola 209,802.44 Troy Ounce 559,473.60   FXStreet calculates Gold prices in Pakistan by adapting international prices (XAU/USD) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly. Global Market Movers: Gold advanced despite investors pushing back Fed rate cuts to June The CME FedWatch Tool sees traders expect the first 25 bps rate cut by the Fed in June 2024. As of today, investors are pricing in 97 basis points of easing throughout 2024. The latest inflation reports from the US triggered a change of language from Fed officials, who struck a “cautious” tone. Atlanta Fed President Raphael Bostic suggested the Fed is in no rush to ease policy, saying the Fed could be patient. In regard to that, San Francisco Fed President Mary Daly stated, “We will need to resist the temptation to act quickly when patience is needed and be prepared to respond agilely as the economy evolves.” This week, the US economic schedule will feature the release of the latest Federal Reserve Open Market Committee (FOMC) Minutes alongside Fed officials’ speeches beginning on Wednesday. Traders will get further cues from US S&P Global PMIs, Initial Jobless Claims data and the Chicago Fed National Activity Index, usually a prelude to the Institute for Supply Management (ISM) Manufacturing PMI. (An…

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Filed under: News - @ February 20, 2024 6:24 am