Domestic Gold just inches away from all-time high

By MG News | August 31, 2023 at 04:59 PM GMT+05:00
August 31, 2023 (MLN): Domestic bullion witnessed a further ascent as 24-karat gold climbed to Rs239,800 per tola, reflecting a gain of Rs3,400.
As per the Karachi Sarafa Association, the cost of 10 grams of 24-karat gold was registered at Rs205,590 per tola, witnessing an Rs2,915 rise per tola.
Similarly, the price of 10-gram 22-karat gold was noted at Rs188,457 per tola, appreciating by Rs2,672.
The appreciation in gold prices is attributed to the continuous descent of the Pakistani rupee (PKR) against the US dollar, currently trading at PKR 305.538 per USD.
Since gold is denominated in U.S. dollars when the PKR depreciates against the U.S. dollar, the value of PKR-denominated gold rises.
Moreover, the political and economic uncertainty in the country has inclined investors toward safe haven assets rather than risk-on assets.
The price of silver also went up in the domestic market, with 24-karat silver up by Rs50 to close at Rs2,900 per tola and the price of 10-gram 24-karat silver closing at Rs2,486 per tola, rising by Rs42.87.
On the global front, international spot gold is currently trading at $1,946.79, up by 0.22% compared to the previous close.
Gold firmed near one-month highs on Thursday to cap this month’s losses as the odds of another U.S. interest rate hike were trimmed by data earlier this week pointing to a slowing labor market, while traders keep their eyes peeled for the upcoming inflation reading, as Reuters reported.
The U.S. economy grew at a slightly less brisk pace than anticipated in the second quarter, with the rise in private payrolls halving in August from July and job openings hitting a 2-1/2-year low last month.
The weaker-than-expected data “has brought forward the market’s belief that we will see peak rates probably sooner than what the Fed would like us to believe,” said Ole Hansen, Saxo Bank’s head of commodity strategy.
The U.S. dollar eyed its first monthly rise in three and benchmark 10-year Treasury yields were poised for their fourth straight monthly climb, keeping greenback-priced gold on track to fall 1% in August.
Meanwhile, international spot silver is currently trading at $24.61, relatively stable as compared to the previous close.
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