December 04, 2023 (MLN): Gold price in Pakistan remained stable on Monday, following a notable surge last week, wherein the price of 24-karat gold rose by Rs7,100 to Rs223,600 per tola.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs191,701.
While 10-gram 22-karat gold stood at Rs175,726.
The price of silver also remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,620 and Rs2,246.21 respectively.
The surge in domestic gold prices last week was attributed to a substantial increase in international prices.
International spot gold rallied to an all-time high on Friday, closing the week at $2,071.92, up by 3.49% WoW.
The market's anticipation that the Federal Reserve has concluded its tightening cycle provided a significant boost to international prices, which surged for three consecutive weeks.
However, spot gold started the week lower, currently trading at $2,064.5, down by 0.33% on the day.
On the currency front, the Pakistani Rupee (PKR) is on track to mark another daily win against the U.S. Dollar.
The local unit was quoted at PKR 284.25/284.75 [1:30 pm PST] with the trades being reported at 284.25 per USD.
This upswing is attributed to the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the 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.
