In a display of resilience amidst the ongoing swirling political uncertainties, Pakistan’s domestic bullion market held its ground firmly, with 24-karat gold prices remaining unchanged at Rs215,500 on Friday. This stability in gold prices reflects the market’s adherence to international gold rates and exchange rate movements, showcasing the inherent robustness of the domestic bullion market.
GOLD’S STEADY GLARE
The price of gold, considered as a safe haven in times of economic and political turmoil, demonstrated remarkable stability. According to the Karachi Sarafa Association, the prices for 10-gram 24-karat gold and 10-gram 22-karat gold remained steady at Rs184,756 and Rs169,360 respectively. This steadiness reflects a market that is closely aligned with global trends, despite domestic political pressures.
SILVER’S UNWAVERING SHINE
Similarly, silver prices in the domestic market showed no signs of fluctuation. The cost of 24-karat silver per tola and per 10-gram stayed constant at Rs2,600 and Rs2,229.08 respectively. This consistency in silver prices, alongside gold, indicates a broader stability within the bullion market, undisturbed by the external environment.
GLOBAL GOLD DYNAMICS
XAUUSD posted an intraday high of $2035.20 and intraday low of $2030.58. Gold is currently trading at $2032.89 (3:29pm Friday, 09 February 2024 (GMT+5) Time in Pakistan).
