February 16, 2024 (MLN): Domestic Bullion Market continued upon its gains incurred in the previous session as the price of 24-karat gold surged by Rs1,300 per tola to Rs212,400 per tola on Friday.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs182,099, reflecting a gain of Rs1,115 compared to the previous session.
While the price of 10-gram 22-karat gold increased to Rs166,924.
Silver prices remained unchanged today, with 24-karat silver being sold at Rs2,580 per tola while 10-gram silver being traded at Rs2,211.93.
Despite witnessing a substantial rise today and political instability prevailing in the country, the local gold is still on track to record a weekly loss.
The hotter-than-anticipated US inflation data released on Wednesday pushed gold below the $2,000 mark for the first time in two months.
The American CPI data came as a disappointment for investors after a recent downdraft in price pressures that helped build expectations for rate cuts this year, said Bloomberg.
However, following Wednesday's decline, the international spot gold has witnessed a robust rebound, currently trading at $2,007.61, reflecting a gain of over $3 day-over-day.
As the fluctuation in the domestic currency is one of the crucial factors for determining the domestic gold rate, it is important to mention here that the Pakistani Rupee (PKR) has snapped its 13-week-long and historic winning streak against the mighty Dollar with a marginal drop of 8 paisa.
Since gold is denominated in U.S. dollars when the PKR depreciates against the U.S. dollar, the value of PKR-denominated gold rises.
