The post Gold price in Pakistan: Rates on May 16 appeared on BitcoinEthereumNews.com.

Gold prices fell in Pakistan on Thursday, according to data compiled by FXStreet. The price for 24-carat Gold stood at 21,274.12 Pakistani Rupees (PKR) per gram, down PKR 79.63 compared with the PKR 21,353.75 it cost on Wednesday. The price for 24-carat Gold decreased to PKR 248,137.16 per tola from PKR 249,066.00 per tola. Unit measure Gold Price in PKR 1 Gram 21,274.12 10 Grams 212,741.20 Tola 248,137.16 Troy Ounce 661,699.58   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 price edges higher due to cooling US inflation, weaker Retail Sales The US Consumer Price Index (CPI) increased by 3.4% YoY in April, compared to a rise of 3.5% in March, which is in line with market expectations. On a monthly basis, the headline CPI inflation dropped to 0.3% MoM in April from 0.4% in March, below the consensus of 0.4%.  The core CPI inflation, which excludes volatile items like food and energy, rose by 3.6% YoY in April, compared to the previous reading of 3.8%. The monthly core CPI eased to 0.3% MoM in April from 0.4% in March.  US Retail Sales came in at 0% MoM in April from a 0.6% rise in March, worse than the estimation of 0.4%.   Fed Bank of Minneapolis President Neel Kashkari said on Wednesday that the central bank needs to watch the economy carefully to see if current policy rates are restrictive enough. Financial markets are currently pricing in a nearly 75% chance of a rate cut by the Fed in September 2024, a rise from 65% before the US CPI report,…

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Filed under: News - @ May 16, 2024 7:20 am