Five-day gold market drop: Rs27,300 per tola

September 08, 2023 (MLN): 24-karat gold has experienced a significant decline, now standing at Rs212,500 per tola, marking a decrease of Rs4,000 compared to the previous day.

Over the course of the last five working days, there has been a cumulative loss of Rs27,300 per tola in the gold market.

The plunge in domestic gold prices is attributed to the remarkable appreciation of 27 rupees in the Pakistani Rupee (PKR) against the US Dollar in the open market over just the past few trading sessions.

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

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs182,184 per tola, shrinking by Rs3,430.

Similarly, the price of 10-gram 22-karat gold was noted at Rs167,002 per tola, down by Rs3,144.

On the other hand, the price of silver remained unchanged in the domestic market, with 24-karat silver to close at Rs2,650 per tola, and the price of 10-gram 24-karat silver settling at Rs2,272 per tola. #VALUE!

While on the global front, international spot gold is currently trading at $1,922.74 growing by 0.15% on the day.

Meanwhile, international spot silver is currently trading at $22.99, expanding by 0.19% on the day.

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