Pakistan’s gold buyers rejoice as bullion bounces back

June 03, 2023 (MLN): Domestic bullion bounced back on Friday after falling significantly in the previous session amid PKR climb in the open market, with 24-karat gold closing the day at Rs233,000 per tola, inflating by Rs4,000.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs199,760 per tola, marking an increase of Rs3,429.

While 10-gram 22-karat gold stood at Rs183,113, rising by Rs3,143.

On the other hand, the price of silver remained unchanged in the domestic market, with 24-karat silver closing at Rs2,750 per tola, and the price of 10-gram 24-karat silver settling at Rs2,358 per tola.

Meanwhile, international spot gold closed the week at $1,948.00, with a weekly high of $1983.44 and a weekly low of $1932.2.

The U.S. employment data that was released on the last day of the week came in mixed, with the unemployment rate rising to the highest level since October 2022, and Non-farm payrolls (NFP) added unexpectedly higher jobs.

This put pressure on the commodity market as market participants preferred risk on assets instead, with big giant companies like Apple (NASDAQ: AAPL) closing at the highest price ever, and Nasdaq composite index rising to levels not seen in 13 months.

International spot silver closed the week at $23.61, with a weekly high of $24.01 and a weekly low of $22.93.

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