24-Karat gold inches down to Rs197,100
MG News | October 13, 2023 at 04:45 PM GMT+05:00
October 13, 2023 (MLN): Domestic bullion remained relatively stable on Friday, with the price of 24-karat gold decreasing by Rs100 per tola to close at Rs197,100.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold declined by Rs89 to Rs168,891 at closing.
While 10-gram 22-karat gold stood at Rs154,900, down by Rs78 compared to the previous close.
It is important to highlight that within the week, the cost of 24-karat gold dropped by Rs2,400 per tola or 1.20%.
This drop occurred when the local bullion market reopened on Tuesday for trading after being closed continuously for 27 days.
Gold prices are facing substantial pressure due to the persistent strengthening of the Pakistani Rupee (PKR) against the U.S. dollar.
The local unit has maintained its upward momentum, appreciating for 27 consecutive sessions against the USD.
Theoretically, since gold is denominated in U.S. dollars when the local unit appreciates against the greenback, the value of PKR-denominated gold falls.
To enhance transparency within the gold market, the State Bank of Pakistan (SBP) has authorized all gold dealers to calculate domestic bullion rates using the interbank exchange rate.
The Karachi Sarafa Association assured its commitment to determining gold rates based on interbank exchange rates.
Moreover, the government is taking significant steps to ensure integrity and prosperity in the gem market.
Accordingly, the Federal Ministry of Industries and Production has established a 15-member advisory council to review existing policies related to the gold trade, standards, certification, and value addition.
On the global front, international spot gold has appreciated by 1.4% compared to its previous close and is currently trading at $1,882.95.
The price of silver remained unchanged in the domestic market, with 24-karat and 10-gram 24-karat silver closing at Rs2,500 and Rs2,143 respectively.
Meanwhile, international spot silver is trading at $22.26, up by 2% on the day.
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