May 18, 2024 (MLN): Domestic bullion market gained significant momentum on Saturday in line with international prices, with 24-karat gold surging Rs3,100 and 24-karat silver surging Rs120 per tola.

The new rates for 24-karat gold and silver stood at Rs248,100 and Rs2,850 per tola, respectively.

On the global front, spot gold gained 2.3% this week to $2,415.2 an ounce.

Meanwhile, spot silver surged 11.9% to $31.49 an ounce, the highest since 2013.

It is worth noting that the gold price has been kept a significant Rs4,000 below its actual cost today.

"In view of the significant reduction in purchasing power, the price of gold today has been kept under cost by Rs4,000," Karachi Sarafa Association said.

Last week, 24-karat gold gained Rs5,500 per tola.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs212,706 per 10-gram, up Rs2,658.

Similarly, the price of 22-karat gold was quoted higher at Rs194,980 per 10-gram.

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Posted on: 2024-05-18T14:38:43+05:00