24-Karat gold price surges by Rs5,200 per tola this week
MG News | March 03, 2024 at 12:16 PM GMT+05:00
March 03, 2024 (MLN): The domestic bullion market witnessed substantial gains this week, with the price of 24-karat gold surging by Rs5,200 per tola to Rs220,300 at close.
The Karachi Sarafa Association reported that 10-gram 24-karat gold settled the last trading session of the week at Rs188,872, reflecting a rise of Rs4,458 WoW.
While the price of 10-gram 22-karat gold was reported at Rs173,132 at close.
Last week, gold price in the domestic market broke free from its 2-week-long losing streak driven by a rise in international prices.

International spot gold climbed to a 2-month peak on Friday after U.S. economic data strengthened expectations of a rate cut by June.
The data on manufacturing activity in the U.S. showed that production slumped, while the data on prices came in line with market expectations, causing a further decline in the Dollar and resulting in gains for the safe-haven asset.
Hence, the spark being witnessed in the domestic market this week is directly linked with the rally in the international market.
International spot gold wrapped the week at a closing rate of $2,082.73, with a gain of over $47.
As the fluctuations in the domestic exchange rate are also a key denominator of the calculated price in the domestic market, it is important to note that the Pakistani Rupee (PKR) has settled this week with a gain of around 17 paisa against USD.
Since gold is denominated in U.S. dollars when the PKR appreciates against the U.S. dollar, the value of PKR-denominated gold falls.
However, the rally in the international rates was significant enough to offset the impact of a relatively strengthened domestic unit.
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 175,285.78 248.39M | 1.02% 1766.97 |
| ALLSHR | 106,536.82 578.97M | 1.02% 1073.42 |
| KSE30 | 52,320.98 90.24M | 1.18% 611.36 |
| KMI30 | 246,775.63 72.73M | 0.99% 2407.71 |
| KMIALLSHR | 68,372.65 345.21M | 0.84% 569.39 |
| BKTi | 49,718.24 37.75M | 1.43% 700.72 |
| OGTi | 35,126.27 7.30M | 0.44% 154.29 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 65,590.00 | 65,710.00 64,585.00 | 875.00 1.35% |
| BRENT CRUDE | 83.83 | 86.55 83.32 | -0.89 -1.05% |
| RICHARDS BAY COAL MONTHLY | 105.75 | 0.00 0.00 | -1.25 -1.17% |
| ROTTERDAM COAL MONTHLY | 120.00 | 120.00 120.00 | 0.65 0.54% |
| USD RBD PALM OLEIN | 1,135.00 | 1,135.00 1,135.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 78.62 | 80.93 78.19 | -0.72 -0.91% |
| SUGAR #11 WORLD | 14.80 | 14.99 14.71 | -0.08 -0.54% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Auto Numbers