24-Karat gold price increases by Rs800 per tola to Rs211,800

November 13, 2023 (MLN): Domestic bullion started the week strong as the price of 24-karat gold increased by Rs800 per tola to settle at Rs211,800.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs181,584, reflecting a gain of Rs686.

While 10-gram 22-karat gold stood at Rs166,452, up by Rs628.

The price of silver remained 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 the local bullion ended its weekly upward trend with a decline of Rs3,600 per tola for 24-karat gold last week.

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

Accordingly, this increase in bullion prices is attributed to the declining value of the Pakistani Rupee (PKR) and a slight uptick in international prices.

The PKR is on course for its fifteenth consecutive loss against the USD.

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

On the global front, International spot gold inched up 0.05% on the day, currently trading at $1,939.2.

Conversely, international spot silver traded in the red zone, experiencing a 1.02% decline for the day and currently trading at $22.03.

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