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

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.

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