On May 11, 2023, gold witnessed a decrease of Rs2,700 to reach Rs237,300 per tola in Pakistan, despite an increase in prices in the international markets and a significant depreciation in the value of the local currency.
The rate of 24-karat gold dropped to Rs227,300 per tola from the previous day’s record high of Rs240,000. Similarly, the price of 24-karat gold per 10 grams declined by Rs2,314 to Rs203,447. The rate of 22-karat gold per 10 grams also fell to Rs186,493.
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Interestingly, while gold prices rose in international markets by $7 to $2,038 per ounce, the local market experienced a downward trend. This contrasting movement suggests that local factors, such as currency devaluation and market dynamics, have had a more significant impact on gold prices in Pakistan.
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The Pakistan Rupee (PKR) witnessed a massive fall of PKR 8.71, reaching a record low of PKR 298.93 against the US dollar in the international currency market. The depreciation of the local currency has likely influenced the decrease in gold prices within the country.
In contrast to gold, the price of silver remained unchanged, with 24-karat silver priced at Rs3,100 per tola, and the rate for 10 grams of 24-karat silver remaining steady at Rs2,657. International rates for silver were quoted at $25.06 per ounce.
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The dynamics between gold and silver prices can vary due to different market influences and demand patterns. While gold experienced a decline in Pakistan, silver remained relatively stable, suggesting differing market factors at play.
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Overall, despite the increase in gold prices in international markets and the depreciation of the local currency, gold prices in Pakistan eased on May 11, 2023. The fluctuation in gold prices reflects the influence of various factors, including currency devaluation and market dynamics. Monitoring global and local market trends will be crucial in understanding the future movement of gold and silver prices in Pakistan.
