Domestic gold price falls to Rs214,700 per tola

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MG News | January 22, 2024 at 03:29 PM GMT+05:00

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January 22, 2024 (MLN): Domestic Bullion started the week under the red zone as the price of 24-karat gold dropped by Rs600 per tola to Rs214,700.

The Karachi Sarafa Association reported that 10-gram 24-karat gold settled the session at Rs184,074, reflecting a loss of Rs514 DoD.

While the price of 10-gram 22-karat gold was reported at Rs168,731 at close.

Meanwhile, silver remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

It is pertinent to note that domestic gold witnessed a major setback last week as the price dropped Rs2,150 per tola.

The decline was attributed to the downturn recorded in international prices and the continuous strengthening of the home currency.

International gold marked its worst weekly performance in the past six weeks, driven by diminishing expectations of a rate cut.

This pressure again prevailed over the international markets and the spot gold is currently trading at $2,022.73 [03:17 pm PST] with a loss of $7.01 on the day.

Moreover, the Pakistani Rupee (PKR)'s upward ride against the U.S. Dollar has further resulted in losses for the domestic gold.

The relationship between the domestic gold price and the local Rupee is that the metal is denominated in U.S. dollars and when the home currency appreciates against the greenback, the value of gold falls.

Recent developments in Domestic Market

On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.

All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.

The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.

Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.

Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.

Copyright Mettis Link News

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