Gold price in domestic market rises to Rs217,600 per tola

December 19, 2023 (MLN): Gold prices in the domestic bullion market continued their upward trend on Tuesday, as the price of 24-karat gold edged up by Rs400 per tola and settled the session at Rs217,600.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs186,557, reflecting a gain of Rs343.

While the price of 10-gram 22-karat gold stood at Rs171,011, up by Rs315.

The price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,670 and Rs 2,289.09.

Domestic gold is on a steady incline this week, supported by the continual rise in international gold prices.

The international spot gold concluded yesterday's session at $2,027.24, marking a gain of $7.7.

However, prices have slightly dipped today, currently trading at $2,025.01, reflecting a decline of 0.11% for the day.

To note, when the association released the local gold rates, there was a $4 increase in international gold compared to the previous session's rate at which it issued the closing rates for the local market.

In the domestic market, gold prices are also influenced by fluctuations in the local exchange rate.

The Pakistani rupee (PKR) is on track for another daily win against the U.S. Dollar due to the positivity arising from the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and a current account surplus of $9m million for November.

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

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