Domestic gold prices continue to slide: A loss of Rs30,400 since August peak

News Image

MG News | September 11, 2023 at 05:06 PM GMT+05:00

0:00

September 11, 2023 (MLN): 24-karat gold's decline persisted as it dipped to Rs209,400 per tola, marking a decrease of Rs2,600 DoD.

Since its peak on August 31 at Rs239,800, there has been an accumulated loss of Rs30,400 or 12.68% per tola in the gold price.

The plunge in domestic gold prices is attributed to the continuous appreciation of the Pakistani Rupee (PKR) against the US Dollar in the open market.

Since gold is denominated in U.S. dollars when the local unit appreciates against the greenback, the value of PKR-denominated gold falls.

As per the Karachi Sarafa Association, the cost of 10 grams of 24-karat gold was registered at Rs179,527 per tola, witnessing a Rs2,229 fall per tola.

Similarly, the price of 10-gram 22-karat gold was noted at Rs164,566 per tola.

Additionally, the price of silver also fell in the domestic market, with 24-karat silver falling by Rs50 to close at Rs2,500 per tola, and the price of 10-gram 24-karat silver reaching Rs2,143 per tola, losing Rs42.87.

On the global front, international spot gold is currently trading at $1,924.82 up by 0.32% on the day.

To note,  this follows a weekly decline of 1.07% recorded in the previous week.

Meanwhile, international spot silver is currently trading at $23.08, marking an increase of 0.62% on the day.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg