Gold price holds steady at Rs215,100 per tola

November 20, 2023 (MLN): Domestic bullion started the week firm as the price of 24-karat gold remained unchanged at Rs215,100 per tola.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs184,414.

While 10-gram 22-karat gold stood at Rs169,046.

It is important to mention that Bullion investors in the domestic market joyed significant gains last week as the price of 24-karat gold surged by Rs4,100 per tola driven by the rise in international price.

The price of silver also remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,580 and Rs2,211.93 respectively.

Domestic gold prices are influenced by changes in international prices and fluctuations in the local currency's interbank exchange rate.

On the global front, international spot gold edged down by 0.18% and is currently trading at $1,976.52.

The downturn is attributed to the U.S. Treasury yields bouncing back, with investors looking forward to the Federal Reserve's last meeting minutes to gauge the U.S. central bank's policy stance.

This comes after the metal snapped its two-week losing streak by surging over 2% last week.

On the currency front, the Pakistani Rupee (PKR) appreciated by around 53 paisa against the greenback to conclude today’s session.

This upswing follows the staff-level agreement successfully being reached between the International Monetary Fund (IMF) and Pakistani authorities on the first review under Pakistan's Stand-By Arrangement (SBA).

Since gold is denominated in U.S. dollars, when the PKR strengthens against the USD, the value of PKR-denominated gold falls.

Copyright Mettis Link News