24-Karat gold price falls for 4th straight week

January 27, 2024 (MLN): Domestic bullion continued its downward trend for the fourth consecutive week as the price of 24-karat gold dropped by Rs1,400 per tola to Rs213,900.

The Karachi Sarafa Association reported that 24-karat gold closed the week's last trading session with a loss of Rs300 per tola.

Moreover, 10-gram 24-karat gold settled the session at Rs183,385, reflecting a decline of Rs257 DoD.

While the price of 10-gram 22-karat gold was reported at Rs168,103 at close.

The association used the international spot rate to calculate local rates, which was reported at $2,018.59 at the close, reflecting a $11.03 decrease compared to last week's closing value.

This marked the second consecutive weekly loss witnessed in the international market due to diminishing expectations of a rate cut.

"We are seeing the gold market consolidating at the moment as the expectations of rate declines aren't quite as soon as the market would like," said David Meger, director of metals trading at High Ridge Futures, as Reuters reported

Apart from pressure arising from the global front, the continuous strengthening of the home currency further exerted pressure on the domestic bullion market.

The Pakistani Rupee (PKR)'s unbeaten streak against the greenback extended to 11 consecutive weeks as the domestic unit settled at PKR 279.59 with a gain of 30 paise WoW.

Recent developments in Domestic Market

On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.

All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.

The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.

Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.

Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.

Copyright Mettis Link News