Domestic gold rises by Rs1,800 per tola, hits Rs207,800

July 06, 2023 (MLN): Domestic bullion continued its momentum on Thursday after finding some support around the psychological level of Rs200,000, with 24-karat gold reaching Rs207,800 per tola, up by Rs1,800.

As per the Karachi Sarafa Association, the cost of 10 grams of 24-karat gold was registered at Rs178,155 per tola, witnessing a Rs 1,543 rise per tola.

While 10-gram 22-karat gold stood at Rs163,309 per tola.

In contrast, the price of silver remained unchanged in the domestic market, with 24-karat silver to close at Rs2,480 per tola, and the price of 10-gram 24-karat silver reaching Rs2,126 per tola.

On the other hand, international spot gold is currently trading at $1,909.52 shrinking by 0.37% on the day.

World gold council stated that gold prices are likely to remain steady in the second half of the year as Federal Reserve stops rate hikes.

Gold was the second-best performing asset in the first half of the year, behind developed market stocks, WGC added.

Meanwhile, as per the latest Automatic Data Processing (ADP) data released today, the U.S. labor market posted another month of surprising strength in June as nonfarm employment change clocked in at a pace well above expectations.

In line with gold's trend, international spot silver is currently trading at $22.76, sliding by 1.56% on the day.

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