Domestic bullion cooled off on Thursday, with gold at Rs237,300

MG News | May 11, 2023 at 05:27 PM GMT+05:00

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May 10, 2023 (MLN): Domestic bullion cooled off on Thursday after an insane rally in the past days, with 24-karat gold closing at Rs237,300, marking a decline of Rs2,700.

This small correction can be attributed to investors taking profits given the extraordinary surge in prices in the past few days.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs203,447, which fell by Rs2,314.

While 10-gram 22-karat gold stood at Rs186,493, shedding Rs2,122.

On the other hand, international spot gold is currently trading at $2036.57, inflating by 0.35% on the day. Meanwhile, U.S. gold futures are at $2044.1.

Market participants are now monitoring the upcoming U.S. producer price index (PPI) figures for April that will be released today.

On the other hand, international spot silver fell by 1.87% despite gold’s strength, and is currently trading at $24.91.

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