The bullion market in Pakistan commenced the week with a notable steadiness, showcasing no change in the prices of gold and silver. This constancy reflects a moment of pause in the otherwise fluctuating market, offering insights into both local and international economic influences. A week earlier!
GOLD PRICES: A CLOSER LOOK
On Monday, the price of 24-karat gold stood firm at Rs214,300 per tola, mirroring the rate from the previous session. This stability extended across various denominations, with the 10-gram 24-karat gold and 10-gram 22-karat gold prices also maintaining their positions at Rs183,728 and Rs168,416, respectively. This plateau comes after a notable decrease last week, where the price of 24-karat gold in the domestic market fell by Rs1,700 per tola, a movement attributed to a dip in international gold prices.
STABILITY IN THE PAKISTAN’S GOLD MARKET AMID POLITICAL UNCERTAINTIES
SILVER’S STEADY STANCE
Similarly, silver prices in the local market showed no signs of fluctuation. The rate for 24-karat silver was quoted at Rs2,600 per tola and Rs2,229.08 per 10-gram, maintaining the same levels as in the previous session.
INTERNATIONAL INFLUENCE (XAUUSD)
XAUUSD posted an intraday high of $2073.33 and intraday low of $2020.06. Gold is currently trading at $2021.17 (5:29pm Friday, 09 February 2024 (GMT+5) Time in Pakistan).
