Gold prices rise to Rs223,000 per tola, up by Rs800

August 02, 2023 (MLN): Domestic bullion rose on Wednesday, with 24-karat gold reaching Rs223,000 per tola, rising by Rs800.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs191,187 per tola, inflating by Rs686.

While 10-gram 22-karat gold stood at Rs175,254 per tola, increasing by Rs628.

In contrast, the price of silver remained unchanged in the domestic market, with 24-karat silver to close at Rs2,800 per tola and the price of 10-gram 24-karat silver reaching Rs2,401 per tola.

On the other hand, international spot gold is currently trading at $1,949.87 rising by 0.15% on the day.

To note, Fitch Ratings has downgraded the United States of America's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA'.

Consequently, the demand for the heaven assets witnessed upward momentum, however, the gains were capped amid stronger dollar.

The U.S. dollar index (DXY) is currently 0.37% higher on the day, this makes dollar-denominated gold expensive for investors holding other currencies.

Gold dropped 1% and hit a three-week low on Tuesday as the dollar firmed after relatively solid data on U.S. manufacturing and construction offset a decline in job openings to the lowest level in more than two years in June, as Reuters reported.

The focus remains on Friday’s non-farm payrolls report for July, a key barometer of the health of the U.S. economy.

Meanwhile, international spot silver is currently trading at $24.38, up by 0.15% on the day.

Copyright Mettis Link News