Karachi, September 6, 2023 – Gold rates in Pakistan witnessed a significant and drastic fall on Wednesday, primarily attributed to the substantial recovery of the Pakistan Rupee (PKR) and a decline in international markets.
READ MORE: Gold Rates Witness Notable Decline in Pakistan on September 5
In the local markets, 24-karat gold experienced a notable drop, falling by Rs 10,500 to reach Rs 222,300. Similarly, the price of 24-karat gold per 10 grams declined by Rs 9,002, closing at Rs 190,586.
Market experts have pointed to the sharp recovery of the local currency in the open market as a key factor driving down gold prices. Just a couple of days ago, the Pakistani Rupee had depreciated to PKR 230 against the US dollar, but it recovered significantly to reach PKR 315 to the dollar in the open market.
READ MORE: Gold Falls by Rs 700 in Pakistan on September 4
Over the past three days, gold rates have seen a remarkable decline of over 7 percent. This decline comes after the precious metal had reached a high of Rs 239,800 per tola on September 4, 2023.
In international markets, gold eased by $5, concluding at $1,926 per ounce.
READ MORE: Gold Reaches Near Record High in Pakistan
The fluctuation in gold prices and the value of the Pakistani Rupee continues to be influenced by a combination of global and local economic factors. As market dynamics evolve, investors and traders will remain vigilant for further developments in both the precious metal market and currency exchange rates.
READ MORE: Gold Sharply Increases by Rs2,900 Amid Surge in Global Markets
