Domestic gold market extends losses from last week

April 29, 2024 (MLN): The domestic bullion market continued its losses witnessed last week with the price of 24-karat gold dropping by Rs500 per tola to Rs234,900 on Monday.

Last week, 24-karat gold dropped by Rs7,800 per tola to close at Rs244,400 on easing Middle East tensions.

The Karachi Sarafa Association further reported that the price of 24-karat gold at Rs209,105per 10-gram, down Rs429 DoD.

Similarly, the price of 22-karat gold was quoted lower at Rs191,680 per 10-gram.

Conversely, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,650 per tola and Rs2,271.94 per 10-gram.

Globally, spot gold traded near $2,335 an ounce, down 0.11% on the day.

The losses faced due to easing war tensions last week weighed over the market and resulted in international spot gold ending its longest 7-day winning streak since January 2023, down by 2.26% or over $54 per ounce in a week.

Due to the current war situation, analysts have termed gold being a geopolitical trade rather than a monetary policy trade.

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