The domestic bullion market experienced a notable rebound on Monday, with the price of 24-karat gold rising by Rs800 to Rs240,800 per tola.
This increase comes after a week of losses, reflecting a significant shift in the market dynamics.
The recent surge in gold prices is attributed to a robust rally in the international market. Initially, local gold dealers underpriced the metal by Rs4,000 per tola due to a substantial reduction in purchasing power.
However, the current rates are now aligned with transparent international pricing, factoring in the exchange rate fluctuations that influenced last week’s decline.
According to the Karachi Sarafa Association, the price of 24-karat gold increased to Rs206,447 per 10 grammes, marking a rise of Rs686. Similarly, the price of 22-karat gold climbed to Rs189,243 per 10 grammes.
In contrast, silver prices remained stable in the domestic market. The price for 24-karat silver held steady at Rs2,800 per tola and Rs2,400.54 per 10 grammes.
On the international stage, gold is currently trading at $2,343.37 per ounce, up by 0.41 per cent or $9.8 compared to the previous close. Investors are closely monitoring the likelihood of U.S. interest rate cuts, particularly ahead of a key inflation report expected later this week.
