Gold price rises by Rs900, hits Rs223,800 per tola

August 16, 2023 (MLN): Domestic bullion rose on Wednesday, with 24-karat gold appreciating by Rs900 to close at Rs223,800 per tola.

The Karachi Sarafa Association, a reputable jeweler in the precious metals market, reported that the price of 10-gram 24-karat gold at Rs191,872 per tola, depicting a rise of Rs771.

Similarly, the price of 10-gram 22-karat gold was reported at Rs175,883 per tola.

Meanwhile, the price of silver remained unchanged in the domestic market, with 24-karat silver closing at Rs2,750 per tola and the price of 10-gram 24-karat silver closing at Rs2,358 per tola.

On the other hand, international spot gold is currently trading at $1,902.02, rising by 0.03% on the day.

 Gold clawed higher on Wednesday on a weaker dollar and bond yields, recovering some ground after retreating below the key $1,900 level in the last session following robust U.S. economic data, as Reuters reported.

Bullion traders also positioned for minutes from the Federal Reserve’s July policy meeting for further cues on interest rate strategy, as well as U.S. homebuilding and factory output data later in the day.

Non-yielding gold, priced in dollars, also gained as benchmark 10-year Treasury yields retreated from near 10-month highs. [US/]

“Economic data out of the U.S. thus far has provided room for rates to be kept high for longer. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay,” said Yeap Jun Rong, a market strategist at IG.

Gold fell to its weakest level since end-June after the data on Tuesday.

Meanwhile, international spot silver is currently trading at $22.62, up by 0.32% on the day.

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