November 01, 2023 (MLN): Domestic bullion experienced losses on Wednesday as the price of 24-karat gold fell by Rs1,200 per tola, settling at Rs211,800.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs181,584, reflecting a loss of Rs1,029.
While 10-gram 22-karat gold stood at Rs166,452, down by Rs236 on the day.
The price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,550 and Rs2,186.21 respectively.
On the global front, international spot gold remained unchanged today, ahead of the Federal Reserve’s policy decision, and is currently trading at $1,983.67.
Bullion prices have pulled back after surpassing the key $2,000 level last week, supported by strong safe-haven inflows due to growing unrest in the Middle East, helping it register its biggest monthly rise since March in October, as Reuters reported.
This is just a long-overdue consolidation following a very strong rally seen in the past three weeks, and prices could drop to at least $1,952, said Ole Hansen, Saxo Bank’s head of commodity strategy.
“Although no change in the interest rates is expected, the focus will be on the Fed’s assessment of the U.S. economy and clues to the monetary policy going forward,” said Praveen Singh, associate vice president at BNP Paribas’ Sharekhan.
International spot silver is currently trading at $22.68, down by 0.79% compared to its previous close.
