24-karat gold plunges by Rs5,400 per tola in Pakistan

June 01, 2023 (MLN): Domestic bullion witnessed a sharp decline on Thursday, with 24-karat gold settling at Rs229,000 per tola, plunging by Rs5,400.

This was mainly attributed to the Pakistani rupee (PKR) making a strong comeback today in the open market, appreciating by 19 rupees as the dollar settled at 285/295 as compared to 310/314 yesterday.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs196,331 per tola, deflating by Rs4,629.

While 10-gram 22-karat gold stood at Rs179,970, shrunken by Rs4,244.

Similarly, the price of silver declined in the domestic market, with 24-karat silver falling by Rs-50 to close at Rs2,750 per tola, and the price of 10-gram 24-karat silver reaching Rs2,358 per tola, declining by Rs42.86.

On the other hand, international spot gold is currently trading at $1,972.57 expanding by 0.33% on the day.

Notably, international spot silver closed the month of May with a huge decline of 6.22%.

International spot gold closed the month of May with a decline of 1.35%.

The U.S. debt ceiling bill was finally passed to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition led by hardline conservatives and avoid a catastrophic default.

Market participants are now closely monitoring the upcoming U.S. Non-farm payrolls (NFP) figures for June that will be released tomorrow.

Meanwhile, international spot silver is currently trading at $23.60, rising by 0.25% on the day.

Copyright Mettis Link News