24-Karat price gallops Rs1,600 per tola

Tuesday saw an increase in the price of gold throughout the nation, with 24-karat gold rising to Rs221,300 per tola, an increase of Rs1,600.

According to the Karachi Sarafa Association, the price of ten grams of 24-karat gold was Rs189,729, showing a Rs1,372 increase.

10-gram 22-karat gold, on the other hand, cost Rs173,918, an increase of Rs1,257.

It is important to note that local bullion investors have had fantastic returns on their investments in 2023, with the yellow metal delivering a noteworthy yield of 19.63% for the year.

In contrast to the closing price of Rs183,900 per tola in the Same Period Last Year (SPLY), the 24-karat gold ended 2023 at Rs220,000 per tola.

The increase in global gold prices is the cause of the current surge in domestic bullion.

With growing Middle East tensions, investors found solace in safe-haven assets that international prices entered 2024 trading in the green.

With a current day gain of 0.74%, the international spot gold price is up to $2,078.4.

Changes in the local currency's interbank exchange rate have an impact on the domestic gold market in addition to variations in global pricing.

The Pakistani Rupee (PKR), which is presently trading at PKR 281.75/281.94 per USD, is poised to record another daily victory over the US currency.