24-Karat gold price edges up to Rs215,600 per tola

November 21, 2023 (MLN): Domestic bullion witnessed gains on Tuesday as the price of 24-karat gold edged up by Rs500 per tola to Rs215,600 per tola.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs184,842 reflecting a gain of Rs428.

While 10-gram 22-karat gold stood at Rs169,046, up by Rs393.

The price of silver remain unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,580 and Rs2,211.93 respectively.

It is important to mention that Bullion investors in the domestic market joyed significant gains last week as the price of 24-karat gold surged by Rs4,100 per tola driven by the rise in international price.

Domestic gold prices are influenced by changes in international prices and fluctuations in the local currency's interbank exchange rate.

On the global front, international spot gold went up by 0.52% on the day and is currently trading at $1,988.08.

Despite a rise in international prices, the gains were restricted in the domestic market due to the appreciation of the Pakistani Rupee (PKR).

The local unit gained 47 paisa against the U.S. Dollar during today's intraday trade compared to the previous closing of PKR 285.97 per USD.

This upswing follows the the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and authorities during the first review under Stand-By Arrangement (SBA)

Since gold is denominated in U.S. dollars, when the PKR strengthens against the USD, the value of PKR-denominated gold falls.

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