Domestic bullion shines as 24-karat gold jumps by Rs2,700 per tola

June 16, 2023

June 16, 2023 (MLN): Domestic bullion continued the upward trajectory on Friday, with 24-karat gold reaching Rs223,400 per tola, rising by Rs2,700.

According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold reached Rs191,530 per tola, soaring by Rs2,315.

While 10-gram 22-karat gold stood at Rs175,569 per tola, rising by Rs2,122.

Similarly, the price of silver rose in the domestic market, with 24-karat silver rising by Rs100 to close at Rs2,650 per tola and the price of 10-gram 24-karat silver closing at Rs2,272 per tola, marking a rise of Rs85.73.

Moreover, international spot gold is currently trading at $1,966.90 up by 0.45% on the day.

The U.S. dollar index (DXY) has declined for the third consecutive day, currently 0.10% lower on the day, this makes dollar-denominated gold cheaper for investors holding other currencies.

The decline in DXY can be attributed to the U.S. Fed's decision to pause the interest rates.

International spot silver is currently trading at $24.17, up by 1.23% on the day.