One tola gold price in Pakistan remains unchanged on Monday

WEB DESK: At the beginning of the week, the local bullion market showed stability. On Monday, the price of 24-karat gold remained unchanged at Rs215,100 per tola.

According to the Karachi Sarafa Association, the closing rate for 10 grammes of 24-karat gold in today’s session was recorded at Rs184,414, while 10 grammes of 22-karat gold stood at Rs169,046.

Bullion investors in the local market experienced notable gains in the previous week, as the price of 24-karat gold saw an increase of Rs4,100 per tola, driven by the upward movement in international prices.

Conversely, the price of silver remained unchanged in the domestic market, with 24-karat silver and 10 grammes of 24-karat silver closing at Rs2,580 and Rs2,211.93, respectively.

It’s noteworthy that fluctuations in domestic gold prices are influenced by changes in international prices and shifts in the interbank exchange rate of the local currency.

Globally, the international spot gold market experienced a slight decline of 0.18 per cent and is currently trading at $1,976.52.

This downturn is attributed to the rebound in US Treasury yields, with investors eagerly awaiting the release of the Federal Reserve’s minutes from its latest meeting to gain insights into the central bank’s policy stance.

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This follows a positive turn for gold, which snapped its two-week losing streak by surging over 2 per cent in the previous week.

On the currency front, the Pakistani rupee (PKR) appreciated by approximately 53 paisa against the US dollar in today’s session.

This positive development follows the successful agreement at the staff level between the International Monetary Fund (IMF) and Pakistani authorities during the first review under Pakistan’s Stand-By Arrangement (SBA).

It’s crucial to note that since gold is denominated in US dollars, an increase in the value of the PKR against the USD results in a decline in the value of PKR-denominated gold.