24-karat gold price rises by Rs800 per tola

KARACHI: The domestic gold market experienced a significant rebound on Monday, with the price of 24-karat gold rising by Rs800, reaching Rs240,800 per tola.

This increase follows a week of losses and reflects a broader trend driven by the international market’s strong rally.

Gold dealers, facing reduced purchasing power among consumers, had previously underpriced the yellow metal by Rs4,000. However, the current rates are now aligned with the transparent international rate, factoring in recent changes in the exchange rate and last week’s substantial drop.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs206,447 per 10 grammes, marking an increase of Rs686. Similarly, 22-karat gold saw a rise, with prices quoted at Rs189,243 per 10 grammes.

In contrast, silver prices remained stable in the domestic market. The price of 24-karat silver held steady at Rs2,800 per tola and Rs2,400.54 per 10 grammes.

On the international stage, gold is trading at $2,343.37 per ounce, an increase of 0.41 per cent or $9.8 compared to the previous close. Investors are closely monitoring U.S. interest rate expectations ahead of a key inflation report due later this week.

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