In a notable uptrend, domestic gold prices in Pakistan experienced significant gains on Friday, with the price of 24-karat gold rising by Rs1,800 per tola and concluding the session at Rs219,800.
According to the Karachi Sarafa Association, the closing price for 10 grammes of 24-karat gold in today’s session was Rs188,443, marking an increase of Rs1,543.
Similarly, the price for 10 grammes of 22-karat gold reached Rs172,740, showing a gain of Rs1,415.
Contrastingly, the price of silver remained steady in the local market, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,650 and Rs2,271.94, respectively.
The continuous surge in international gold prices is a driving force behind the upward trajectory of gold prices in the domestic market.
Currently, international spot gold is trading at $2,055.91, indicating a 0.48 per cent increase compared to the previous session’s closing.
Furthermore, international gold is set for its second consecutive weekly gain, influenced by the weakening dollar and US Treasury yields.
The recent statement from the US Federal Reserve, outlining a cumulative rate cut of 75 basis points in 2024, is putting sustained pressure on the dollar and Treasury yields, contributing to further gains for the precious metal.
In addition to the impact of international price fluctuations, the domestic gold market is also susceptible to changes in the interbank exchange rate of the local currency.
The intricate interplay between global and domestic factors continues to shape the dynamics of the gold market in Pakistan.
