The post Gold price in Pakistan: Rates on May 17 appeared on BitcoinEthereumNews.com.

Gold prices rose in Pakistan on Friday, according to data compiled by FXStreet. The price for 24-carat Gold stood at 21,323.45 Pakistani Rupees (PKR) per gram, up PKR 53.46 compared with the PKR 21,269.99 it cost on Thursday. The price for 24-carat Gold increased to PKR 248,712.50 per tola from PKR 248,088.99 per tola. Unit measure Gold Price in PKR 1 Gram 21,323.45 10 Grams 213,234.47 Tola 248,712.50 Troy Ounce 663,233.83   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 lower as Fed officials suggest interest rates should stay higher for longer The US weekly Initial Jobless Claims increased by 222K for the week ending May 11 from 232K in the previous week, above the 220K estimated, according to the US Bureau of Labor Statistics (BLS). Housing Starts rose by 5.7% MoM to 1.36 million in April, while Building Permits dropped by 3% MoM in April to 1.44 million.Atlanta Fed President Raphael Bostic said he saw signs of cooling inflation in the recent CPI report, but he prefers to watch the May and June data to gain confidence that the inflation doesn’t turn back the other way.Cleveland Fed President Loretta Mester said policy was well positioned, and it was too soon to say progress on inflation had stalled. Richmond Fed President Tom Barkin noted the central bank needs to keep borrowing costs high for longer to ensure inflation is on track to its target, citing higher prices in the services sector.Financial markets are currently pricing in nearly 75% odds of a Fed rate cut in September, an increase from 65%…

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Filed under: News - @ May 17, 2024 6:24 am