January 11, 2024 (MLN): Domestic bullion experienced a slight uptick on Thursday, as the price of 24-karat gold in Pakistan went up Rs200 per tola to Rs216,300.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold stood at Rs185,442, reflecting a gain of Rs171.
While the price of 10-gram 22-karat gold stood at Rs169,989, up by Rs157.
The price of silver remained stable, with 24-karat silver being sold at Rs2,650 per tola and Rs 2,271.94 per 10-gram.
The upturn faced by the domestic market today is attributed to a rise in international prices.
International spot gold is currently trading at 2,033.83, up by 0.47% on the day.
However, when the associated reported the local rates, the spot rate in the international market was slightly up by $5.
Market participants are awaiting the U.S. inflation report due today as it is expected to provide insights into the U.S. Federal Reserve's stance on a potential policy shift.
As local gold rates are also influenced by fluctuation in domestic exchange rates, the continuous strengthening of the Pakistani Rupee (PKR) against the USD capped gains in domestic bullion.
Today's session marked the seventh consecutive victory for the home unit after it broke its 13-day upside streak against the greenback.
