Rebound in Gold Prices in Pakistan Following Recent Downturn
Karobar
In a noteworthy recovery, domestic bullion in Pakistan has managed to offset most of its losses from the previous day. The current market indicates a positive trend, with 24-karat gold commanding a price of Rs215,200 per tola, signaling a gain of Rs500.
According to the latest report from the Karachi Sarafa Association, the 10-gram 24-karat gold is now priced at Rs184,500, reflecting an increase of Rs429 compared to the previous day. The 10-gram 22-karat gold is also showing resilience with a reported price of Rs169,124.
Meanwhile, silver prices remain stable in the domestic market, holding at Rs2,600 per tola and Rs2,229.08 per 10-gram for 24-karat silver.
On the global front, the international spot gold market is exhibiting positive momentum, currently trading at $2,026.87 [03:24 pm PST], marking an increase of $6.29 or 0.31% for the day.
It is noteworthy that the domestic gold market experienced a significant setback last week, witnessing a decline of Rs2,150 per tola. This dip was attributed to the downturn in international prices and the continuous strengthening of the local currency.
Recent Developments in the Domestic Market:
In a meeting held on Thursday, January 18, 2024, at Karachi Gold Bullion under the chairmanship of Qasim Shikarpuri, Karachi Gold Traders discussed crucial developments. Attendees included all members of the Karachi Bullion Exchange, representatives from ARY GOLD, and owners of GOLD LAB in Karachi.
A unanimous decision was reached among gold traders to establish a joint committee comprising all stakeholders to enhance the management of physical gold trading. The primary objective of this committee is to implement effective measures for the better regulation of gold trading, particularly in terms of gold rates.
Furthermore, the committee will take on the responsibility of consulting and assisting government institutions in matters related to gold trading.
Looking ahead, the meeting strongly condemned negative propaganda on social media concerning gold rates and reiterated the commitment to counter elements harming the gold industry through such detrimental tactics.
