March 04, 2024 (MLN): Domestic bullion extended its winning streak on Monday with the price of 24-karat gold rising Rs900 per tola to Rs221,200.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold reached Rs189,643 per tola, reflecting a rise of Rs771.
Similarly, the price of 10-gram 22-karat gold was noted at Rs173,840 per tola.
Conversely, silver prices remained unchanged today, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229. per 10-gram.
It is crucial to note that last week saw a substantial boost in gold prices, with the price of 24-karat gold surging by Rs5,200 per tola.
International spot gold climbed to a 2-month peak on Friday after U.S. economic data strengthened expectations of a rate cut by June.
The data on manufacturing activity in the U.S. showed that production slumped, while the data on prices came in line with market expectations, causing a further decline in the Dollar and resulting in gains for the safe-haven asset.
Hence, the spark being witnessed in the domestic market this week is directly linked with the rally in the international market.
International spot gold is currently trading at $2,086.62, reflecting a gain of $3.76 or 0.2% DoD, further benefitting domestic gold.
Copyright Mettis Link News
Posted on:2024-03-04T13:06:59+05:00
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