Slight decrease in gold price seen in Pakistan’s market

WEB DESK: In the local market, gold prices showed stability on Tuesday. The cost of 24-karat gold in Pakistan slightly decreased by Rs400 per tola, settling at Rs209,200.

The Karachi Sarafa Association confirmed that the price of 10-gram 24-karat gold concluded at Rs179,355, marking a decrease of Rs343 at the closing. Meanwhile, 10-gramme 22-karat gold was priced at Rs164,409, down by Rs314 compared to the previous day.

The silver rate remained unchanged in the domestic market. Both 24-karat silver and 10-gramme 24-karat silver closed at Rs2,550 and Rs2,186.21, respectively.

A noteworthy development in the domestic gold market was the agreement reached by the president of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) with all provinces.

According to the agreement, a premium of $20 would be added to the international gold price for unified domestic gold rate calculations.

However, this move raised concerns about market stability and transparency. Despite this, the Karachi Sarafa Association clarified that the international gold price now includes the adjustment of the $20 premium.

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Additionally, the State Bank of Pakistan (SBP) took a significant step earlier this month by allowing all gold dealers to calculate domestic bullion rates using the interbank exchange rate.

The Karachi Sarafa Association reaffirmed its commitment to calculating domestic gold rates based on these interbank exchange rates.

On the global scale, the international spot gold price decreased by 0.35 per cent on the day, currently trading at $1,966.71. These developments reflect the ongoing fluctuations and adjustments in the domestic and international gold markets.