September 12, 2023 (MLN): Domestic bullion ended its seven-day downward trend on Tuesday, gaining some respite, with the price of 24-karat gold rebounding by Rs5,600 to reach Rs215,000 per tola.
This positive shift is attributed to the 2 rupees depreciation of the Pakistani Rupee (PKR) against the US Dollar in the open market today.
Since gold is denominated in U.S. dollars when the local unit depreciates against the greenback, the value of PKR-denominated gold rises.
According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs184,585 per tola, rising by Rs5,058.
Similarly, the price of 10-gram 22-karat gold was noted at Rs168,697 per tola, increasing by Rs4,131.
Moreover, the price of silver also rose in the domestic market, with 24-karat silver rising by Rs50 to close at Rs2,550 per tola, and the price of 10-gram 24-karat silver reaching Rs2,186 per tola, gaining Rs42.87
On the global front, international spot gold is currently trading at $1,908.70 shrinking by 0.66% on the day.
Meanwhile, international spot silver is currently trading at $22.87, down by 0.88% on the day.
