Gold price soars by Rs1,500 per tola to Rs213,300

November 02, 2023 (MLN): Domestic bullion prices rose on Thursday, offsetting the previous session's losses as the price of 24-karat gold increased by Rs1,500 per tola, reaching Rs213,300.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold closed today’s session at Rs182,870, reflecting a loss of Rs1,179.

While 10-gram 22-karat gold stood at Rs166,452, up by Rs1,179 on the day.

The price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gram 24-karat silver closing at Rs2,550 and Rs2,186.21 respectively.

The gains in the domestic metal market are attributed to the rise in global prices along with a relatively weaker Pakistani Rupee (PKR).

The local unit marked its eighth consecutive daily loss against the US. Dollar in yesterday’s session.

The declining trend persisted today as the Pakistani Rupee (PKR) lost another 35 paisa against the greenback during the intraday session in the interbank market.

Gold is denominated in U.S. dollars, hence when the PKR strengthens against the USD, the value of PKR-denominated gold falls.

On the global front, international spot gold is currently trading at $1,986.82, up by 0.23% compared to the previous close.

This increase was influenced by the decline in Treasury yields following the Federal Reserve's decision to maintain interest rates at 5.25%-5.50% on Wednesday.

Copyright Mettis Link News