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In Thursday’s market activity, the upward trajectory of gold prices in Pakistan came to a halt, with a notable decrease of Rs500 per tola observed in the price of 24-karat gold. The session concluded with the price settling at Rs218,000.
According to the Karachi Sarafa Association, the closing price for 10 grammes of 24-karat gold stood at Rs186,900, reflecting a decline of Rs428.
Similarly, the price for 10 grammes of 22-karat gold was reported at Rs171,325.
Contrastingly, the price of silver remained unchanged in the domestic market, with 24-karat silver and 10-gramme 24-karat silver concluding at Rs2,650 and Rs2,271.94, respectively.
This reversal in trend follows three consecutive sessions of steady ascent in domestic gold prices, driven by the continuous uptick in international gold prices.
The decline observed today is attributed to a dip in international gold prices and a relatively strengthened Pakistani rupee (PKR).
In the global market, international spot gold saw a decrease of approximately $8.5 in the previous session, attributed to a rebound in the U.S. dollar.
Presently, spot gold is trading at $2,037.14, marking a 0.25 per cent increase for the day as the dollar faces renewed pressure.
However, these gains are not substantial enough to offset the decline witnessed in the previous day’s trading, resulting in an overall loss for local bullion.
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