Gold price in Pakistan falls Rs1,800 per tola

News Image

By MG News | May 24, 2024 at 09:13 PM GMT+05:00

0:00

May 24, 2024 (MLN): The domestic bullion market suffered losses for the fourth straight session, with the price of 24-karat gold dropping Rs1,800 to Rs240,200 per tola on Friday.

Gold rates were on the spike due to a massive rally in the international market, this prompted gold dealers to underprice the yellow metal by Rs4,000 due to a significant reduction in purchasing power.

However, rates are now being quoted based on the transparent international rate, incorporating the effect of changes in the exchange rate, due to the massive drop this week.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs205,933 per 10-gram, down by Rs1,543.

Similarly, the price of 22-karat gold was quoted lower at Rs188,772 per 10-gram.

Moreover, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,800 per tola and Rs2,400.54 per 10-gram.

On the global front, international spot gold dropped more than 2% or $50 per ounce yesterday. This is on top of a 1.74% fall on Wednesday.

The Federal Reserve's most recent policy meeting indicated officials would keep interest rates higher for longer as they struggle to bring inflation down to target.

Moreover, China’s bullion imports slowed last month as demand in the world’s biggest consumer began to buckle in the face of record prices.

Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data.

International silver also fell over 2% to $30.13 an ounce yesterday.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,285.00 108,530.00
105,440.00
2535.00
2.40%
BRENT CRUDE 67.43 68.10
66.94
0.32
0.48%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.72 66.43
65.23
0.27
0.41%
SUGAR #11 WORLD 15.48 15.97
15.45
-0.22
-1.40%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg