On Tuesday, the local gold market displayed steadiness in prices. The cost of 24-karat gold in Pakistan saw a slight decline of Rs400 per tola, reaching Rs209,200.
The Karachi Sarafa Association confirmed that the price of 10 grams of 24-karat gold concluded at Rs179,355, marking a reduction of Rs343 at the closing. Simultaneously, 10 grams of 22-karat gold were priced at Rs164,409, down by Rs314 compared to the previous day.
The silver rates remained unchanged in the domestic market. Both 24-karat and 10-gram 24-karat silver remained at Rs2,550 and Rs2,186.21, respectively.
A significant development in the domestic gold market was the agreement reached by the president of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) with all provinces.
According to this agreement, a $20 premium would be added to the international gold price for unified domestic gold rate calculations. However, this decision raised concerns regarding market stability and transparency. Nonetheless, the Karachi Sarafa Association clarified that the international gold price now includes the adjustment of the $20 premium.
Furthermore, the State Bank of Pakistan (SBP) took a noteworthy step earlier this month by permitting all gold dealers to determine domestic bullion rates using the interbank exchange rate. The Karachi Sarafa Association reasserted its commitment to calculating domestic gold rates based on these interbank exchange rates.
On the global front, the international spot gold price saw a 0.35 percent decrease on the day, currently trading at $1,966.71. These developments signify the ongoing fluctuations and adjustments in both domestic and international gold markets.
