Gold price retreats in Pakistan

May 21, 2024 (MLN): Gold prices in Pakistan retreated on Tuesday, with the rate for 24-karat gold falling by Rs1,900 to Rs248,500 per tola.

It is worth noting that the price has been kept a significant Rs4,000 below its actual cost today due to a significant reduction in purchasing power.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs213,048 per 10-gram, down by Rs1,630.

Similarly, the price of 22-karat gold was quoted lower at Rs195,295 per 10-gram.

Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,850 per tola and Rs2,443.41 per 10-gram.

On the global front, international spot gold traded near $2,417.41, down 0.33% on the day.

China’s bullion imports slowed last month as demand in the world’s biggest consumer begins to buckle in the face of record prices.

Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data.

International silver held near 11-year high.

Silver’s rally comes amid surging investor interest, an increasingly supportive macroeconomic backdrop, and a projected fourth annual market deficit

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