Gold price in Pakistan falls to Rs216,100 per tola

January 10, 2024 (MLN): Domestic bullion erased all its gains from the previous session on Wednesday as the price of 24-karat gold in Pakistan dropped Rs300 per tola to Rs216,100.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold stood at Rs185,271, reflecting a decline of Rs257.

While the price of 10-gram 22-karat gold stood at Rs169,832 down by Rs235.

The price of silver also dropped today, with 24-karat silver being sold at Rs2,650 per tola and Rs 2,271.94 per 10-gram.

The decline faced by the domestic market today is attributed to a slight drop in international prices and the continuous strengthening of the home currency.

International spot gold dipped by $3 when the association reported the local gold rates due to a stronger U.S. dollar and elevated treasury yields.

Market participants are awaiting the U.S. inflation report due on Thursday as it is expected to provide insights into the U.S. Federal Reserve's stance on a potential policy shift.

Moreover, the ongoing upward trend of the Pakistani Rupee (PKR) against the greenback continues to exert additional pressure on the domestic gold market.

Yesterday's session marked the fifth consecutive victory for the home unit after it broke its 13-day upside streak against the greenback.

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