Gold price rises by Rs1,600, reaches Rs214,800 per tola

July 17, 2023 (MLN): Domestic bullion continued to shine on Monday, with 24-karat gold reaching Rs214,800 per tola, soaring by Rs1,600.

It is worth noting that 24-karat gold has increased by Rs5,000 per tola, or 2.4% last week.

The Karachi Sarafa Association, a reputable jeweler in the precious metals market, reported that the price of 10-gram 24-karat gold reached Rs184,156 per tola, reflecting a rise of Rs1,371.

While 10-gram 22-karat gold stood at Rs168,810 per tola, expanding by Rs1,257.

Meanwhile, the price of silver remained unchanged in the domestic market, with 24-karat silver to close at Rs2,650 per tola and the price of 10-gram 24-karat silver settling at Rs2,272 per tola.

On the other hand, international spot gold is currently trading at $1,948.86 declining by -0.22% on the day.

CME FedWatch Tool is pricing in a 96.1% chance of an interest rate hike at the upcoming FED meeting.

Interest rates and gold have an inverse relationship, as gold loses its attractiveness in an environment of high-interest rates.

Meanwhile, international spot silver is currently trading at $24.71, decreasing by -0.69% on the day.

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