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24-karat gold falls by Rs1,700 per tola to start off the week

Gold hovers near 6-month low as dollar soars
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May 29, 2023 (MLN): Domestic bullion went down on Monday, with 24-karat gold reaching Rs234,500 per tola, shrinking by Rs1,700.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs201,046 per tola, sliding by Rs1,457.

While 10-gram 22-karat gold stood at Rs184,297, contracting by Rs1,331.

Similarly, the price of silver dropped in the domestic market, with 24-karat silver falling by Rs50 to close at Rs2,850 per tola. and the price of 10-gram 24-karat silver settled at Rs2,443 per tola, losing Rs42.87.

On the other hand, international spot gold remained relatively stable throughout the day as the U.S. financial markets are closed due to memorial day.

Spot gold is currently trading at $1947.98 rising by 0.22% on the day.

Joe Biden and McCarthy finally reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate.

McCarthy tweeted on Saturday, “I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”

This deal sparked investors’ appetite for riskier assets, which makes risk-off assets like gold less attractive to investors.

Moreover, the latest U.S. inflation data came in higher than expected and market participants are now pricing in another interest rate hike.

Interest rates and gold have an inverse relationship, as in an environment of high-interest rates, gold loses its attractiveness.

Market participants are now monitoring the upcoming Non-farm payrolls (NFP) figures for June that will be released on Friday.

Meanwhile, international spot silver is currently trading at $23.23, contracting by -0.21% on the day.

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Posted on: 2023-05-29T17:57:46+05:00