International spot gold saw a modest increase, trading at $2,026.92, marking a 0.17 per cent rise for the day.
Gold price drops by more than Rs1,000 per tola. In a shift in the domestic bullion market, the price of 24-karat gold experienced a notable decline on Wednesday, dropping by Rs1,100 per tola to reach Rs214,800.
According to the Karachi Sarafa Association, the cost of 10 grammes of 24-karat gold also witnessed a decrease, registering at Rs184,156, reflecting a dip of Rs944.
Meanwhile, 10-gramme 22-karat gold stood at Rs168,810.
Contrarily, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,570 per tola and Rs2,203.36 per 10 grammes.
On the global front, international spot gold saw a modest increase, trading at $2,026.92, marking a 0.17 per cent rise for the day.
In contrast, international spot silver experienced a dip, standing at $22.33, down by 0.55 per cent.
Market participants are closely monitoring key inflation data and eagerly awaiting remarks from Federal Reserve officials this week, aiming to assess the potential timing of any central bank rate cuts.
Notably, the latest Federal Reserve minutes indicate that most US officials are not currently inclined to rush into rate cuts.
More From FactFile: Dollar further depreciates against Pakistani rupee in interbank
Petrol price in Pakistan likely to jack up
The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the federal government for increasing petrol to Rs3 per litre.
As per the details, the OGRA suggested increasing the prices of petroleum products from March 1. According to the proposal, the petrol price might jack up Rs3 per litre.
The OGRA has also suggested an Rs1 per litre increase in the price of high-speed diesel. The regulatory body also suggested the federal government to jack up kerosene oil by Rs1 per litre.
Meanwhile, the OGRA asked the government to reduce light-speed diesel prices by Rs0.70 per litre.
The decision regarding the new prices for petroleum products will be made on February 29.
Earlier on February 15, the caretaker government approved a hike in the price of petrol by Rs2.73 per litre following the recommendation of the OGRA.
According to a notification by the finance ministry, the price of petrol increased by Rs 2.73 per litre and High-Speed Diesel by Rs 8.37 per liter.
The price of Kerosene oil also increased by Rs10.08 per litre, according to the notification.
