Karachi, September 4, 2023 – The price of gold in Pakistan saw a significant decline of Rs 700 on Monday, largely influenced by a decrease in the international market.
In the local market, 24-karat gold per Tola recorded a substantial drop, closing at Rs 239,100, representing a decrease of Rs 700. Similarly, the price of gold per 10 grams also fell, shedding Rs 600 to conclude at Rs 204,990 in the domestic market.
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Market experts pointed to the decline in the international markets as the primary driver behind the dip in the precious metal’s price. Globally, gold fell by $5 to reach $1,940 per ounce.
While experts acknowledge the possibility of further declines in local gold prices, the depreciation of the Pakistani Rupee (PKR) has somewhat restricted the extent of these reductions. The PKR, which fell to a historic high of PKR 305.64 against the US dollar on September 4, 2023, plays a crucial role in determining the local cost of imported commodities, including gold.
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The fluctuating prices of gold are closely monitored by investors, traders, and consumers alike, and any shifts in the global or local market can have a significant impact on the precious metal’s value. As the situation continues to evolve, market participants will be keeping a close eye on both international developments and domestic economic conditions to gauge the future direction of gold prices in Pakistan.
