According to the Karachi Sarafa Association’s latest report, the closing price for 10 grammes of 24-karat gold today reached Rs186,557, marking an increase of Rs343.
Simultaneously, the price for 10 grammes of 22-karat gold experienced an uptick, reaching Rs171,011, up by Rs315.
Contrastingly, silver prices remained stagnant in the domestic market, with 24-karat silver and 10 grammes of 24-karat silver concluding at Rs2,670 and Rs2,289.09, respectively.
The local gold market has seen consistent growth throughout the week, aligning with the upward trend in international gold prices.
The global spot gold market closed its previous session at $2,027.24, registering a gain of $7.7.
However, prices have slightly retreated today, currently trading at $2,025.01, reflecting a marginal decrease of 0.11 per cent.
It’s noteworthy that at the time of the association’s release of local gold rates, international gold prices had increased by $4 compared to the previous session, contributing to overall gains in the local market.
The dynamics of the domestic gold market are further influenced by fluctuations in the local exchange rate.
Given that gold is denominated in US dollars, the appreciation of the domestic currency against the greenback results in a decline in the value of PKR-denominated gold.
This intricate interplay between international and domestic factors continues to shape the landscape of the gold market in Pakistan.