24-Karat gold stands stable at Rs221,000

November 30, 2023 (MLN): Domestic bullion remained stable on Thursday, with the price of 24-karat gold remaining unchanged at Rs221,000 per tola.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs189,472.

While 10-gram 22-karat gold stood at Rs173,683.

The price of silver also remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,620 and Rs2,246.21 respectively.

It is important to mention that gold prices rose consecutively for four trading sessions driven by the rise in international prices.

However, global gold prices retreated today as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected.

The international spot gold is currently trading at $2,039.22, down by 0.25% on the day.

The U.S. Dollar Index (DXY), which tracks the value of the greenback against six other top currencies rebounded strongly in today’s session, ultimately contributing to the decline in international prices.

A strong dollar makes gold less affordable for holders of other currencies, exerting a negative impact on gold prices.

On the currency front, so far in today's intraday trade, the local currency has appreciated against the U.S. Dollar, compared to its previous closing rate of PKR 285.39 per USD.

Since gold is denominated in U.S. dollars, when the PKR strengthens against the USD, the value of PKR-denominated gold falls.

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