Gold price in Pakistan inches down to Rs218,600 per tola

December 08, 2023 (MLN):  Domestic bullion faced a slight downside on Friday as the price of 24-karat gold inched down by Rs300 per tola to settle at Rs218,600 per tola.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs187,414, reflecting a gain of Rs257.

While 10-gram 22-karat gold stood at Rs171,796, down by Rs236.

The price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs 2,620 and Rs 2,246.21, respectively.

Gold prices in Pakistan remained stable during today's session, mirroring the unchanged trends in the international market.

On the global front, international spot gold inched up by 0.07% on the day and is currently trading at $2,030.77.

This marks the third consecutive session in which the commodity has been trading in the green zone.

However, international spot gold is poised to experience its first weekly loss after three consecutive weekly gains, primarily due to a strengthened dollar.

Investors are eagerly anticipating today's release of U.S. jobs data to assess the likelihood of a rate cut by the Federal Reserve as early as March.

Accordingly, with prices under pressure in the international market, domestic bullion has also experienced a significant setback this week.

The 24-karat gold has lost Rs 5,000 per tola with one more trading session remaining.

On the currency front, the Pakistani Rupee (PKR) is on track to mark its fourth consecutive weekly win against the greenback.

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.

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