January 31, 2024 (MLN): Domestic bullion has started 2024 on a negative note as the price of 24-karat gold has dropped by Rs4,500 per tola to Rs215,500 in January.
The move lower comes amid a drop in international prices and the continuous strengthening of the Pakistani rupee (PKR).
In today's session, domestic gold snapped its two-day winning streak, with the 24-karat gold witnessing a decline of Rs600 per tola.
The Karachi Sarafa Association reported that 10-gram 24-karat gold was being sold at Rs184,756, showing a rise of Rs515 from the previous day.
While the price of 10-gram 22-karat gold was reported at Rs169,360.
Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.
International spot gold is currently trading at $2,040.19 [1:44pm PST], up by 0.16% compared to the previous session's closing.
However, the rate reported by the association stood at $2,055, down by $2 compared to the previous day's rate.
It is important to mention that the international spot rate is currently down by 1.11% this month driven by expectations of a rate cut by the U.S. Fed.
However, with escalating tensions in the Middle East and diminishing hopes of rate cut, the appeal for safe-haven assets has risen, signaling a bullish trend for gold.
Key developments in Domestic Market in January
On Thursday, January 18, 2024, a meeting of Karachi Gold Traders was held under the chairmanship of Qasim Shikarpuri at Karachi Gold Bullion. All members of Karachi Bullion Exchange, representatives of ARY GOLD and all GOLD LAB owners of Karachi participated in the meeting.
All gold traders agreed to form a joint committee of all the stakeholders for better management of physical gold trading.
The main objective of the joint committee is to take effective steps to manage gold trading and especially gold rates in a better way.
Additionally, the committee will also perform the duties of consulting and assisting government institutions in all these matters.
Going forward, the negative propaganda regarding the gold rate on social media was strongly condemned and it was reiterated to repress the elements harming the gold industry through negative propaganda.
CopyrightMettis Link News
Posted on:2024-01-31T13:39:53+05:00
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