Domestic bullion bounces back, 24-karat gold gains Rs2,700 per tola

May 21, 2023 (MLN): Domestic bullion bounced back on Saturday, with 24-karat gold reaching Rs235,300 per tola, surging by Rs2,700.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs201,732 per tola, inflating by Rs2,315.

While 10-gram 22-karat gold stood at Rs184,920 per tola.

Relatively, the price of silver remained stable in the domestic market after a continuous decline over the past few days, with 24-karat silver closing at Rs2,850 per tola, and 10-gram 24-karat silver settling at Rs2,443.41 per tola.

On the other hand, international spot gold closed the week at $1,977.30, marking a weekly decline of 1.67%.

Notably, this marks a 5% decline from the new all-time high it made a few days ago before experiencing a sharp sell-off.

This decline is attributed to markets showing more optimism for a U.S. debt ceiling deal that could prevent a potentially disastrous default.

This also led the U.S. dollar index (DXY) to finally cool down after almost a 2% gain from the lows in a few days, closing this week at a 0.32% decline.

Meanwhile, international spot silver closed the week at $23.84, marking a 0.49% weekly decline. However, spot silver bounced back on the last day of the week by 1.58% to narrow the weekly decline to some extent.

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