Karachi, August 7, 2023 – Gold prices experienced a significant decline of Rs 1,100 in Pakistan on Monday, driven by a downturn in the international markets.
The precious metal’s 24 karat per tola saw a sharp drop, settling at Rs 221,700 in the local markets. Moreover, the price of 24 karat gold per 10 grams also slid, closing at Rs 190,072.
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The global gold market witnessed a modest decline as well, with prices falling by $2 to reach $1,940 per ounce. Surprisingly, this drop occurred despite the depreciation of the Pakistani rupee (PKR) against the US dollar.
The PKR, which faced a decrease of 46 paisas, concluded the day at PKR 287.43 against the greenback in the interbank foreign exchange market. This rate represented a slight depreciation from its previous closing rate of PKR 286.97.
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The reasons behind the drop in gold prices both locally and internationally are complex and influenced by various factors such as economic indicators, geopolitical events, and investor sentiment. Investors and analysts are closely monitoring the market to better understand the implications of these developments and their potential impacts on the economy.
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As the situation continues to evolve, financial experts are advising investors to exercise caution and remain vigilant in their investment decisions. The fluctuations in the precious metal market can have far-reaching effects on various sectors of the economy, and stakeholders are urged to stay informed and seek expert guidance when navigating these uncertainties.
READ MORE: Gold Prices in Pakistan Surprisingly Surge Despite Global Market Slump and Strong Rupee
