Karachi, May 25, 2023 – Gold prices in Pakistan experienced a notable decline on Thursday, primarily influenced by the fall in the international market and the appreciation of the Pakistani Rupee (PKR) against the US dollar.
The decline in gold rates resulted in a decrease of Rs1,800 for 24-karat gold per tola, ending at Rs236,000 in the domestic market. Similarly, the price of 24-karat gold per 10 grams decreased by Rs1,543, reaching Rs202,332. The appreciation of the PKR against the dollar played a significant role in the price adjustment. In contrast, silver rates remained relatively stable in both domestic and international markets.
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The decline in gold prices was evident in the domestic market, with 24-karat gold per tola experiencing a Rs1,800 decrease, settling at Rs236,000. The price of 24-karat gold per 10 grams also witnessed a decline of Rs1,543, reaching Rs202,332. Additionally, 22-karat gold per 10 grams ended at Rs185,471.
In the international market, gold prices fell by $21, concluding at $1,961 per ounce. The decline in international gold rates contributed to the downward trend observed in the domestic market.
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The Pakistani Rupee exhibited a noteworthy gain of PKR 1.39 against the US dollar, with the exchange rate ending at PKR 285.74 compared to the previous day’s closing rate of PKR 287.13 in the interbank foreign exchange market. The strengthening of the PKR against the dollar played a role in the decrease in gold prices.
Silver prices remained relatively stable in the domestic market, with 24-karat silver per tola ending at Rs2,900. Similarly, the price of 24-karat silver per 10 grams remained unchanged at Rs2,486.28. In the international market, the rate of silver stood at $23 per ounce.
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Gold prices in Pakistan witnessed a significant decline on Thursday, influenced by the fall in the international market and the strengthening of the Pakistani Rupee against the US dollar. The decrease in gold rates can be attributed to these factors, with 24-karat gold experiencing a notable decrease in both per tola and per 10 grams prices. Silver prices, on the other hand, remained relatively stable in both domestic and international markets.
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The fluctuations in gold and silver rates underscore the importance of monitoring international market trends and currency exchange rates to anticipate price movements and make informed investment decisions.
