24-Karat gold price rises to Rs216,300 per tola

February 01, 2024 (MLN): Domestic bullion witnessed a positive session on Thursday as the price of 24-karat gold increased by Rs800 per tola to reach Rs216,300.

The Karachi Sarafa Association reported that 10-gram 24-karat gold was at Rs185,442, showing a rise of Rs686 from the previous day.

While the price of 10-gram 22-karat gold was reported at Rs169,989.

Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

It is pertinent to note that the domestic bullion has started 2024 on a negative note as the price of 24-karat gold has dropped by Rs4,500 per tola to Rs215,500 in January.

The move lower comes amid a drop in international prices and the continuous strengthening of the Pakistani rupee (PKR).

The international spot rate dropped by 1.15% in January driven by expectations of a rate cut by the U.S. Fed.

However, with escalating tensions in the Middle East and diminishing hopes of a rate cut, the appeal for safe-haven assets has risen, signaling a bullish trend for gold.

International spot price is currently trading at $2,041.38 [2:42pm PST], up by 0.11% compared to the previous session's closing.

Key developments in Domestic Market in January

On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.

All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.

The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.

Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.

Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.

Copyright Mettis Link News