November 08, 2023 (MLN): Domestic bullion witnessed another relatively stable session on Wednesday as the price of 24-karat gold inched up by Rs200 per tola to settle at Rs214,200.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs183,642, reflecting a gain of Rs172.
While 10-gram 22-karat gold stood at Rs1668,338.
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.
Domestic gold prices are influenced by changes in international prices and fluctuations in the local currency's interbank exchange rate.
It is important to mention that the Pakistani Rupee (PKR) is in the midst of a thirteen-day streak of losses against the greenback.
Since gold is denominated in U.S. dollars, when the PKR weakens against the USD, the value of PKR-denominated gold rises.
However, gains were limited as international spot gold also witnessed a relatively stable session, currently trading at $1,967.52, down by 0.07% on the day.
Meanwhile, international spot silver recorded another session in the red zone, down by 0.52% on the day and trading at $22.52.
