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Today’s gold calculated at PKR 294.8 per USD in domestic bullion

Official reserve assets stand at $12.97bn as of August 31: SBP
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September 08, 2023 (MLN):  In today's domestic bullion session, 24-karat gold was priced at Rs212,500 per tola, calculated at a rate of PKR 294.77 per USD. In contrast, in the open market, Exchange Companies (ECs) quoted the dollar at 301 for buying and 305 for selling.

This significant disparity between the rates provided by ECs and those considered by bullion traders highlighted the prevailing sense of panic in the Kerb market.

Clearly, market participants are anticipating another significant drop in the value of the US dollar against the Pakistani Rupee (PKR) in the coming days.

Today was the fifth straight session when the demand for yellow metal dented significantly in the domestic bullion, reaching Rs212,500 per tola compared to its latest high of Rs239,800 on August 31, 2023.

This drop is mainly attributed to PKR’s gaining streak against the mighty US dollar on the back of government measures to curb illicit activities in the kerb market.

Date Spot Gold Close ($) Converted Gold price per Tola (Rs) Actual Price (Rs) USD/PKRK Actual Rate of conversion Difference
9/8/2023 1922.4 216,991 212,500 301 294.77 6.23
9/7/2023 1916.64 218,497 216,500 304 301.22 2.78
9/6/2023 1926.53 223,959 222,300 310 307.70 2.30
9/5/2023 1938.34 232,601 232,800 320 320.27 -0.27
9/4/2023 1940.06 240,810 239,100 331 328.65 2.35
8/31/2023 1943.17 233,909 239,800 321 329.08 -8.08

Note: International spot gold price is close price, not weighted average.

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Posted on: 2023-09-08T21:51:32+05:00