Gold declines by Rs7,800 per tola in a week

MG News | July 08, 2023 at 07:55 PM GMT+05:00

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July 08, 2023 (MLN): Domestic bullion inched down on Saturday, with 24-karat gold reaching Rs208,200 per tola, deflating by Rs200.

On a weekly basis, 24-karat gold went down by Rs7,800 per tola, or 3.61%.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs178,498 per tola, falling by Rs172.

Similarly, the price of 10-gram 22-karat gold was noted at Rs163,623 per tola, contracting by Rs157.

Conversely, 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 closed the week at $1,925.53, marking a weekly gain of 0.29%.

On Friday, internaltional gold gained 0.74% on the release of U.S. employement date.

The U.S. unemployment rate for the month of June fell to 3.6% as compared to 3.7% in the previous month, while non-farm payrolls (NFP) added 209,000 jobs for the said month as compared to 306,000 jobs in the previous month.

Meanwhile, international spot silver closed the week at $23.08, with a 1.34% gain for the week.

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