24-Karat gold price increases by Rs1,100 per tola to Rs214,400

November 03, 2023 (MLN): Domestic bullion maintained its upward momentum on Thursday as the price of 24-karat gold increased by Rs1,100 per tola to settle at Rs214,400.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs183,813, reflecting a gain of Rs943.

While 10-gram 22-karat gold stood at Rs166,452, up by Rs2,044 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.

Domestic gold prices continued to benefit from the declining value of the Pakistani Rupee (PKR) and the uptick in international prices.

The local currency marked its ninth consecutive session of loss against the U.S. Dollar in yesterday’s trading day.

A similar trend was observed during today's intraday session as the local unit lost 1.07 rupees [02:13 pm PST] against the greenback in the interbank market.

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 spot is currently trading at $1,989.08, up by 0.16% on the day.

To recall, the US Federal Reserve on Wednesday decided to maintain interest rates at 5.25%-5.50%.

Market focus now shifts to U.S. non-farm payrolls data, which is expected to show that employers added 180,000 jobs last month, as Reuters reported.

The jobs report needs to deliver some surprisingly weak figures to weigh further on Treasury yields and push gold prices above the $2,000-per-ounce mark, City Index senior analyst Matt Simpson said.

Meanwhile, International spot silver is currently down by 0.45% on the day, trading at $22.63.

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