Karachi, October 16, 2023 – Gold prices in Pakistan dropped to PKR 200,100 on Monday as international markets experienced a decline.
In the domestic market, the price of 24-karat gold per Tola fell by PKR 1,900 to reach PKR 200,100. Similarly, the price of 24-karat gold per 10 grams slipped by PKR 1,629 to reach PKR 171,553.
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Market sources have attributed the drop in gold prices in the domestic market to the decline in international markets. The price of gold in global markets fell by $15, ending at $1,923 per ounce.
Pakistan heavily relies on importing gold, and the depreciation of the local currency, the Pakistani Rupee (PKR), has helped in reducing the import costs of this precious metal.
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It’s worth noting that the PKR has been on a remarkable rally against the US dollar, continuing for the 28th consecutive session, reaching a rate of PKR 276.83 in the interbank foreign exchange market. This achievement is particularly significant considering that the PKR had previously fallen to a historic low of PKR 307.10 on September 5, 2023. Since then, the PKR has shown impressive resilience, recovering by PKR 30.27 or 9.86% against the US dollar.
READ MORE: Gold Rates in Pakistan Decline by Rs 7,800 Despite Global Price Surge
The appreciation of the PKR has been attributed to various proactive measures, including crackdowns on currency smuggling and hoarding, aimed at stabilizing the exchange rate. This has effectively curbed speculative trading in the currency market. The State Bank of Pakistan’s commitment to this cause is evident in its actions, such as revoking licenses of exchange companies engaged in illegal forex transactions.
