Gold prices fall to Rs204,000 per tola, down Rs500
MG News | July 12, 2023 at 09:58 PM GMT+05:00
July 12, 2023 (MLN): Domestic bullion continued the downward trend on Wednesday, with 24-karat gold falling to Rs204,000 per tola, a decline of Rs500.
It is worth noting that 24-karat gold has marked a decline of Rs12,000 per tola, or 5.56% since the long-standing Staff Level Agreement was signed between the International Monetary Fund (IMF) and Pakistan.
The State Bank of Pakistan (SBP) has recently received a $1 billion deposit from United Arab Emirates (UAE), this inflow comes on top of $2bn received from Saudi Arabia yesterday.
Furthermore, on Monday, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CCC-'.
The aforementioned developments have sparked investors' confidence as a result, the KSE-100 index has gained a staggering 4,062.27pts in just the last eight trading sessions.
Moreover, PKR continues to appreciate against the greenback.
According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs174,897 per tola, marking a decline of Rs429.
While 10-gram 22-karat gold stood at Rs160,322 per tola, falling by Rs393.
Meanwhile, the price of silver rose in the domestic market, with 24-karat silver falling by Rs70 to close at Rs2,550 per tola and the price of 10-gram 24-karat silver closing at Rs2,186 per tola, gaining Rs60.01
On the other hand, international spot gold is currently trading at $1,958.20 up by 1.30% on the day.
The U.S. consumer price index (CPI) for the month of June 2023 clocked in at 3% YoY, compared to 4% YoY in May.
CPI cooled more than analysts’ estimates of 3.1%.
CME FedWatch Tool is pricing in a 92.4% chance of an interest rate hike at the upcoming FED meeting.
Interest rates and gold have an inverse relationship, as in an environment of high-interest rates, gold loses its attractiveness.
Meanwhile, international spot silver is currently trading at $24.10, soaring by 4.24% on the day.
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