The post Gold price in Pakistan: Rates on June 20 appeared on BitcoinEthereumNews.com.

Gold prices rose in Pakistan on Thursday, according to data compiled by FXStreet. The price for Gold stood at 20,981.97 Pakistani Rupees (PKR) per gram, up compared with the PKR 20,870.63 it cost on Wednesday. The price for Gold increased to PKR 244,727.50 per tola from PKR 243,431.00 per tola a day earlier. Unit measure Gold Price in PKR 1 Gram 20,981.97 10 Grams 209,817.90 Tola 244,727.50 Troy Ounce 652,610.00   FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) 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. Daily Digest Market Movers: Gold price clings to intraday gains as USD stabilizes The uncertainty over the likely timing of when the Federal Reserve will start cutting interest rates keeps traders on the sidelines and leads to subdued range-bound price action around the Gold price. The Fed projected only one interest rate cut this year as compared to three projected in March, which acts as a tailwind for the US Treasury bond yields and caps the upside for the non-yielding yellow metal. The US Retail Sales data released on Tuesday pointed to lackluster economic activity, which, along with weaker US consumer and producer prices, should allow the Fed to ease monetary policy soon. The current market pricing indicates a greater chance of the first rate cut in September and the possibility of one more rate cut in November or December, offering some support to the XAU/USD. Ukrainian drone strikes on Russian energy infrastructure and Israel’s warning that an all-out war with Iran-backed Hezbollah was coming soon point to escalating geopolitical risk in Europe and the Middle East. Adding to this, concerns that a new government…

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