24-Karat gold price surges by Rs1,600 per tola

January 02, 2024 (MLN): Gold prices in the country rose on Tuesday as the price of 24-karat gold surged by Rs1,600 per tola to Rs221,300.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs189,729, reflecting a gain of Rs1,372.

While the price of 10-gram 22-karat gold stood at Rs173,918, up by Rs1,257.

It is crucial to mention that domestic bullion investors have joyed magnificent investment returns for 2023 as the yellow metal has delivered an impressive 19.63% yield for the year.

The 24-karat gold concluded 2023 at Rs220,000 per tola compared to the closing price of Rs183,900 per tola in the Same Period Last Year (SPLY).

This recent rise in domestic bullion is attributed to an uptick in international gold prices.

International prices entered 2024 trading in the green zone as investors sought refuge in safe-haven assets amid rising tensions in the Middle East.

The International spot gold is currently up by 0.74% on the day, currently trading at $2,078.4.

In addition to fluctuations in international prices, the domestic gold market is also influenced by changes in the interbank exchange rate of the local currency.

The Pakistani Rupee (PKR) is on track to mark another daily win against the US dollar, currently trading at PKR 281.75/281.94 per USD.

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