January 21, 2024 (MLN): Domestic Bullion extended its downturn for the third consecutive week as the price of 24-karat gold dropped by Rs2,150 per tola to Rs215,300.
The Karachi Sarafa Association reported that 24-karat gold closed the week's last trading session with a gain of Rs300 per tola.
Moreover, 10-gram 24-karat gold settled the session at Rs184,585, reflecting a gain of Rs257 DoD.
While the price of 10-gram 22-karat gold was reported at Rs169,203 at close.
The association used the international spot rate to calculate local rates, which was reported at $2,050 at the close, reflecting a $18 decrease compared to last week's closing value.
This marked the worst weekly performance for international gold in the past six weeks, driven by diminishing expectations of a rate cut.
The move lower for commodity prices came as central bankers continued their forceful push-back against market bets for interest rate cuts.
Apart from pressure arising from the global front, the continuous strengthening of the home currency increased losses for the domestic metal market.
The Pakistani Rupee (PKR)'s unbeaten streak against the greenback extended to 10 consecutive weeks as the domestic unit settled at PKR 279.9 with a gain of 46 paise WoW.
It is important to mention that the World Gold Council has released data on global gold reserves, revealing that Pakistan secured the 48th position with 64.7 tonnes of gold reserves.
The United States claimed the top position in gold reserves, as the country held 8,133 tons of gold in reserves.
Germany came in second with 3,352 tonnes of gold and the International Monetary Fund (IMF) ranked third with 2,814 tons of gold reserves.
Italy and China secured the fourth and fifth place with gold reserves of 2,451 and 2,226 tons respectively.
As per the data, India held 803 tons of gold reserves and ranked as the 10th among countries with the highest gold reserves.
Recent developments in Domestic Market
On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.
All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.
The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.
Additionaly, the committee will also perform the duties of consulting and assisting government institutions in all these matters.
Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.
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Posted on: 2024-01-21T17:19:24+05:00
