24-karat gold price drops by Rs200 in Pakistan

KARACHI: In today’s market update, the gold price in Pakistan experienced a marginal dip, with the value of 24-karat gold edging down by Rs200 per tola to reach Rs215,400.

The Karachi Sarafa Association revealed that the closing price for 10 grammes of 24-karat gold stood at Rs184,671, indicating a loss of Rs171, while the same quantity of 22-karat gold settled at Rs169,282, reflecting a decrease of Rs157.

Last week marked a significant setback for gold investors in the domestic bullion market, as the price of 24-karat gold plummeted by Rs8,000 per tola.

This decline was attributed to the substantial drop in international prices and the strengthening of the local currency.

Contrary to gold, the price of silver remained stable in the domestic market today, with 24-karat silver and 10-gramme 24-karat silver maintaining values at Rs2,620 and Rs2,246.21, respectively.

The minor decline observed in the local market is linked to the decreasing prices in the international market.

Currently, international spot gold is trading at $1,994.46, reflecting a 0.50 per cent decrease for the day. This decline is attributed to the pressure arising from the strengthened dollar and increased US Treasury yields.

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