May 16, 2023 (MLN): Domestic bullion fell on Tuesday, with 24-karat gold reaching Rs233,100, contracting by Rs2,000.

This decline in gold prices can be seen as a welcome relief for buyers, who have been facing high prices for the precious metal in recent months.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs199,846, shedding Rs1,714.

While 10-gram 22-karat gold stood at Rs183,192.

On the other hand, international spot gold is currently trading at $1,998.99, down by -0.81% on the day, amid mixed economic data, weak results and ongoing uncertainties over debt ceiling negotiations in Washington keeping equity buyers on the sidelines.

Meanwhile, international spot silver is currently trading at $23.7, falling by 1.44%.

Moreover, the U.S. dollar index (DXY) has also continued its climb, currently 0.22% higher on the day, this makes dollar-denominated gold expensive for investors holding other currencies.

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Posted on: 2023-05-16T20:28:44+05:00