Gold prices fall to Rs204,000 per tola, down Rs500

News Image

MG News | July 12, 2023 at 09:58 PM GMT+05:00

0:00

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.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 135,633.29
92.95M
0.99%
1333.53
ALLSHR 84,774.61
369.29M
0.90%
756.45
KSE30 41,219.90
41.19M
0.99%
405.61
KMI30 193,673.23
41.90M
0.56%
1084.07
KMIALLSHR 56,430.90
159.95M
0.64%
358.66
BKTi 37,701.26
9.19M
1.97%
729.52
OGTi 28,270.90
1.75M
0.11%
30.63
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 122,480.00 122,945.00
118,675.00
3950.00
3.33%
BRENT CRUDE 70.45 70.86
70.36
0.09
0.13%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.53 68.95
68.41
0.08
0.12%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 14, 2025 at 11:32 AM GMT+05:00

PIA shows Rs26bn profit, but actually in loss


July 14, 2025 at 10:46 AM GMT+05:00

Bitcoin overtakes Amazon in global asset rankings


July 14, 2025 at 10:24 AM GMT+05:00

Bitcoin surges past $121,000 for first time


July 14, 2025 at 10:00 AM GMT+05:00

Dewan Cement installs 6 MW solar energy system


July 14, 2025 at 09:39 AM GMT+05:00

Petrol prices likely to rise by Rs3–5 from July 16



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg