October 19, 2023 (MLN): After witnessing a significant surge in yesterday’s trading session, Domestic bullion remained relatively stable on Thursday with the 24-karat gold losing Rs200 per tola and closing at Rs206,300.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold inched down by Rs171 to Rs176,869 at closing.
While 10-gram 22-karat gold stood at Rs162,130, down by Rs157 compared to the previous close.
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.
Haji Haroon Rasheed Chand, the President of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) stated today that disparity still exists in the domestic bullion, with different rates being quoted at Peshawar and Lahore and there lacks a uniform rate.
However, an agreement has been reached with all the provinces that a premium of $20 will be charged on the international gold price, and the interbank rate will be used for calculations of domestic gold.
Consequently, this will result in one unified rate across the country, ending disparity and helping improve transparency.
It is important to mention that the local bullion surged on Wednesday due to the spike in international gold prices, coupled with the declining value of the Pakistani Rupee (PKR).
However, the PKR exhibited a significant recovery, appreciating by 1.47 rupees against the USD in today’s trading session.
Gold is denominated in U.S. dollars, hence when the PKR strengthens against the USD, the value of PKR-denominated gold falls.
On the global front, the international gold prices extended their upward trend driven by rising conflicts in the Middle East.
International spot gold is up by 0.12% on the day and is currently trading at $1,950.
Investors prefer safe haven assets like gold during times of political and financial uncertainty.
Similarly, international spot silver also witnessed an increase of 0.15% and is currently trading at $23.84.
Copyright Mettis Link News
Posted on: 2023-10-19T16:48:38+05:00
