24-Karat gold price settles at Rs212,100, down by Rs1,200 per tola

October 30, 2023 (MLN): Domestic bullion started the week lower as the price of 24-karat gold fell by Rs1,200 per tola to settle at Rs212,100.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs181,842, reflecting a loss of Rs1,028.

While 10-gram 22-karat gold stood at Rs166,688, down by Rs943 compared to the previous close.

It is worth mentioning that the local unit extended its upward trajectory last week as the price of 24-karat gold soared by Rs4,950 per tola.

The upward momentum was attributed to the rising international prices along with a relatively weaker Pakistani Rupee (PKR).

However, as international spot gold lost its value today, it ultimately led to a decline in domestic gold prices.

The international spot gold is currently trading at $1,994.4, down by 0.58% on the day.

To note, gold prices marked their third consecutive weekly gain last week driven by escalating conflicts in the Middle East.

The Israel-Palestine conflict continues to spark investors' interest in safe-haven assets, particularly gold due to its stability and intrinsic value.

Meanwhile, international spot silver is trading at $23.16, up by $23.16 compared to its previous close.

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