Gold price rebounds, gains Rs1,300 per tola

November 10, 2023 (MLN): Domestic bullion recorded gains on Friday as the price of 24-karat gold increased by Rs1,300 per tola to settle today’s session at Rs213,100.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs182,698, reflecting a loss of Rs1,114.

While 10-gram 22-karat gold stood at Rs166,452, up by Rs1,022.

The price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,580 and Rs2,211.93 respectively.

Domestic gold prices are influenced by changes in international prices and fluctuations in the local currency's interbank exchange rate.

Despite exhibiting intraday gains, the Pakistani Rupee (PKR) is on course for its fourteenth consecutive loss against the USD.

Since gold is denominated in U.S. dollars, when the PKR weakens against the USD, the value of PKR-denominated gold rises.

On the global front, International gold prices dropped and were on track for a second consecutive week of declines.

International spot gold is down by 0.20% on the day, currently trading at $1,954.29.

The decline is attributed to stronger U.S. dollar and Treasury yields after hawkish remarks from Federal Reserve Chair Jerome Powell.

Similarly, international spot silver traded in the red zone, experiencing a 0.23% decline for the day and currently trading at $22.58.

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