Domestic gold price drops by another Rs1,400 per tola

May 03, 2024 (MLN): The domestic bullion market suffered a major setback on Friday as the price of 24-karat gold dropped by Rs1,400 per tola to Rs239,600.

This marks the fifth consecutive daily loss for the local metal, marking a total drop of Rs5,400 per tola in its value.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs205,418 per 10-gram, down Rs1,201 DoD.

Similarly, the price of 22-karat gold was quoted lower at Rs188,300 per 10-gram.

Conversely, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,620 per tola and Rs2,254.8 per 10-gram.

The international spot rate is currently being quoted at $2,300.96, down by 0.11% compared to the last close.

The yellow metal is losing its shine as Middle East conflicts have started to ease, reducing appeal for the safe haven asset.

The downturn extends from the past week, wherein international spot gold ended its longest 7-day winning streak since January 2023, down by 2.26% or over $54 per ounce in a week.

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