Pakistan’s domestic gold market has witnessed a noteworthy recovery, bouncing back from recent setbacks. As of the latest market updates, 24-karat gold is being traded at an impressive Rs215,200 per tola, marking a significant gain of Rs500. This resurgence indicates a strong rebound from the previous day’s losses, showcasing the market’s volatility and resilience.
The Karachi Sarafa Association, a pivotal player in Pakistan’s gold industry, reported that 10-gram 24-karat gold is now valued at Rs184,500, showing an increase of Rs429 on a day-over-day basis. In addition, the 10-gram 22-karat gold also saw a rise, currently priced at Rs169,124.
Simultaneously, silver prices in the domestic market have maintained a steady course. The 24-karat silver is being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram, indicating stability in this segment of the bullion market.
Internationally, the gold market is also experiencing upward trends. The current trading value of international spot gold stands at $2,026.87 [03:24pm PST], escalating by $6.29 or 0.31% within the day. This global rise positively influences domestic prices, reflecting the interconnected nature of the gold markets.
Notably, last week, Pakistan’s domestic gold market faced a significant downturn, with the price per tola dropping by Rs2,150. This decline was closely linked to the dip in international gold prices and the strengthening of the Pakistani Rupee against other currencies.
Recent Developments in the Domestic Gold Market
In a recent development, a critical meeting was convened on Thursday, January 18, 2024, led by Qasim Shikarpuri, the chairman of Karachi Gold Bullion. This gathering brought together various stakeholders, including members of the Karachi Bullion Exchange, representatives from ARY GOLD, and owners of GOLD LABs across Karachi.
A unanimous decision was made during this meeting to establish a joint committee comprising all key stakeholders in the gold trading sector. This committee aims to enhance the management of physical gold trading and regulate gold rates more effectively.
The committee’s responsibilities extend beyond market management. It is tasked with consulting and aiding government institutions in matters related to gold trading. This initiative is expected to bring more structured and regulated practices to the gold market in Pakistan.
Another critical issue addressed in the meeting was the negative propaganda surrounding gold rates on social media platforms. The participants unanimously condemned these actions, emphasizing the need to counteract the harmful effects of such misinformation on the gold industry.
Conclusion
The recent rebound in Pakistan’s gold market, coupled with the proactive measures taken by industry leaders, paints a promising picture for the future of gold trading in the country. As the market continues to evolve, these developments are expected to bring more stability and growth to Pakistan’s bullion sector.
