Karachi, July 7, 2023 – The price of gold in Pakistan witnessed a significant increase of Rs600 per Tola on Friday, driven by the rise in international markets and the depreciation of the local currency against the dollar.
In the local markets, the price of 24-karat gold per Tola rose by Rs600 to reach Rs208,400, compared to the previous day’s closing of Rs207,800. Similarly, the price of 24-karat gold per 10 grams increased by Rs515 to end at Rs178,670 from the previous closing price of Rs178,155.
Internationally, the gold rate experienced an upswing of $12, reaching $1,917 per ounce in the global markets.
Conversely, the Pakistani Rupee (PKR) witnessed a depreciation of 86 paisas against the dollar. It closed at PKR 277.90 in the interbank foreign exchange market, compared to the previous day’s closing rate of PKR 277.04.
The increase in the price of gold in Pakistan can be attributed to the global market trends and the impact of currency fluctuations. Gold is often considered a safe-haven investment during times of economic uncertainty, leading to its demand and price surge.
The depreciation of the Pakistani Rupee against the dollar also contributed to the rise in gold prices. A weaker local currency makes imported commodities, such as gold, more expensive.
Investors and individuals closely monitoring the gold market in Pakistan should stay updated on fluctuations in international prices and currency exchange rates to make informed decisions.
Gold remains an important asset class for many investors, and its price movement is influenced by various factors, including global economic conditions, geopolitical events, and currency fluctuations.
As the market dynamics continue to evolve, the price of gold in Pakistan may witness further fluctuations in the coming days. It is advisable for interested parties to regularly monitor the market and consult with trusted financial advisors for guidance regarding investment decisions related to gold.
Gold Rate Surges in Pakistan Amid Sharp Decline in International Markets
