Gold prices recover in Pakistan after yesterday’s dip

January 23, 2024 (MLN): Domestic Bullion pared most of yesterday's losses, with 24-karat gold being sold at Rs215,200 per tola showing a gain of Rs500.

The Karachi Sarafa Association reported that 10-gram 24-karat gold was at Rs184,500, reflecting an increase of Rs429 DoD.

While the price of 10-gram 22-karat gold was reported at Rs169,124.

Meanwhile, silver remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

On the global front, international spot gold is currently trading at $2,026.87 [03:24pm PST], up by $6.29 or 0.31% on the day.

It is pertinent to note that domestic gold witnessed a major setback last week as the price dropped Rs2,150 per tola.

The decline was attributed to the downturn recorded in international prices and the continuous strengthening of the home currency.

Recent developments in Domestic Market

On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.

All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.

The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.

Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.

Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.

Copyright Mettis Link News