Domestic gold gains Rs800 per tola

April 15, 2024 (MLN): Domestic bullion started the week positively, with the price of 24-karat gold surging by Rs800 per tola to Rs247,300 on Monday.

The Karachi Sarafa Association further reported that the price of 24-karat gold reached Rs212,020 per 10-gram, up Rs686 DoD.

Similarly, the price of 22-karat gold was quoted higher at Rs194,351 per 10-gram.

On the other hand, silver prices remained unchanged, with 24-karat silver being sold at Rs2,650 per tola and Rs2,271.94 per 10-gram.

On the global front, international spot gold is currently trading at $2,350.8, up 0.25% or $5.96 compared to the last close.

Traders are closely monitoring developments surrounding the Middle East conflict, that may raise appeal for safe heaven assets.

On Friday, international gold rose above $2,400 per ounce and recorded a new all-time high as geopolitical tensions and China’s economic concerns continued to uplift demand for the safe haven asset.

The Middle East conflicts that began in October 2023 have generated a significant upside for the yellow metal and as these issues are escalating, they continue to exert a bullish impact.

Adding further to gains, China’s step to build its reserves of gold, a key talk of the financial market currently, is resulting in the metal breaking and setting new all-time highs.

China’s reserve data for March showed that the country held 72.74 million fine troy ounces of gold, up from 72.58m ounces at the end of February, the 17th straight month of increase.

This amounts to around $161 billion worth of gold reserves, as against $148.64bn held a month earlier.

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