Gold price in Pakistan surges by Rs1,500 per tola

January 29, 2024 (MLN): After experiencing the fourth consecutive weekly drop, domestic bullion has started this week on a positive note, with the price of 24-karat gold surging by Rs1,500 per tola to reach Rs215,400.

The Karachi Sarafa Association reported that 10-gram 24-karat gold was at Rs184,671, showing a rise of Rs1,286 from the previous day.

While the price of 10-gram 22-karat gold was reported at Rs169,282.

Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

This sudden spark in domestic gold comes from the rise in international prices.

International spot gold is currently trading at $2,032.5 [12:42pm PST], up by 0.7% compared to the previous session's closing.

It is important to mention that last week marked the second consecutive weekly loss witnessed in the international market due to diminishing expectations of a rate cut.

However, with escalating tensions in the Middle East, the appeal for safe-haven assets has risen, signaling a bullish trend for gold.

The pressure on domestic gold due to the continuous strengthening of the Pakistani Rupee (PKR) persisted in the market but was outweighed by the sudden upturn in international price.

Recent developments in Domestic Market

On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.

All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.

The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.

Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.

Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.

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