July 05, 2023 (MLN): Domestic bullion continued to decline on Wednesday, with 24-karat gold reaching Rs205,000 per tola, down by Rs2,200.
It is worth noting that in the outgoing month of June, gold prices dipped significantly by 12.54%.
This significant decline is associated with the long-standing Staff Level Agreement (SLA) worth $3 billion finally being signed on Friday between the International Monetary Fund (IMF) and Pakistan.
Moreover, the Pakistani rupee (PKR) appreciating by 10.55 rupees against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 275.43 per USD, compared to the previous session's closing of PKR 285.99 per USD.
As per the Karachi Sarafa Association, the cost of 10 grams of 24-karat gold was registered at Rs175,754 per tola, witnessing a Rs1,887 fall per tola.
While the price of 10-gram 22-karat gold was noted at Rs161,108 per tola.
Conversely, the price of silver remained unchanged in the domestic market, with 24-karat silver closing at Rs2,500 per tola, and the price of 10-gram 24-karat silver settling at Rs2,143 per tola.
On the other hand, international spot gold closed yesterday's trading session at $1,925.179, gaining 0.26% on the day.
Meanwhile, international spot silver closed the trading session at $22.94, marking an increase of 0.32% on the day.
