Local market witnesses marginal gain in 24-karat gold prices

On Tuesday, the 24-karat gold market demonstrated resilience, with a subtle uptick of Rs150 per tola, settling at Rs214,450 per tola.

According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold reached Rs183,856, reflecting a marginal gain of Rs128 compared to the preceding session.

Simultaneously, the price of 10-gramme 22-karat gold experienced a modest rise, reaching Rs168,535.

Contrary to the gold market’s movements, silver prices remained steadfast, exhibiting no change.

The 24-karat silver maintained its position at Rs2,580 per tola, while the 10-gramme silver was traded at Rs2,211.93.

It is noteworthy that the domestic gold market faced a downturn last week, attributed to a decline in international prices.

International spot gold, on the other hand, hovered around $2,021, marking a 0.2 per cent change compared to the preceding session.

As the market watches these fluctuations, all eyes are set on the forthcoming minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday.

The outcome of this meeting is poised to have a considerable impact on the trajectory of both domestic and international precious metal markets.