24-Karat gold price rises by Rs1,100 per tola to Rs214,300

February 19, 2024 (MLN): Domestic Bullion Market continued upon its gains incurred in the last session of the previous week as the price of 24-karat gold rose by Rs1,100 per tola to Rs214,300 per tola on Monday.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs183,728, reflecting a gain of Rs943 compared to the previous session.

While the price of 10-gram 22-karat gold increased to Rs168,417.

Silver prices remained unchanged today, with 24-karat silver being sold at Rs2,580 per tola while 10-gram silver being traded at Rs2,211.93.

It is worth mentioning that the domestic gold closed last week in the red zone due to a drop in international prices.

The uncertainty surrounding the continuous delay in election results also failed to bolster demand for the safe-haven asset.

On the global front, international spot gold has extended its rally for the third consecutive session and is currently trading at $2,021.8.

This reflects a strong rebound as the hotter-than-anticipated US inflation data released last week pushed gold below the $2,000 mark for the first time in two months.

As the fluctuation in the domestic currency is one of the crucial factors for determining the domestic gold rate, it is important to mention here that the Pakistani Rupee (PKR) also snapped its 13-week-long and historic winning streak against the mighty Dollar with a marginal drop of 8 paisa last week.

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

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