Karachi, June 5, 2023: Gold prices in Pakistan experienced a decline on Monday, following the downward trend witnessed in global markets.
The price of 24-karat gold per tola slipped by Rs1,000 to Rs230,400 compared to the previous Saturday’s closing price of Rs231,400. Similarly, the price of 24-karat gold per 10 grams declined by Rs857, ending at Rs197,531 from the previous closing of Rs198,388 in the local market. Furthermore, the price of 22-karat gold per 10 grams recorded a decrease of Rs785 to Rs181,070 from the last closing of Rs181,855 in the domestic market.
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Internationally, the price of gold fell by $8, reaching $1,940 per ounce compared to the previous closing of $1,948.
On the other hand, the silver rate for 24-karat and 10 grams remained unchanged at Rs2,750 and Rs2,357.58, respectively, in the local market. However, silver rates fell in the international markets to $23.45 per ounce from the previous closing of $23.63.
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The decline in gold prices in Pakistan can be attributed to the global market trends, where gold prices experienced a drop. Factors such as changes in investor sentiment, fluctuations in the US dollar, and overall market dynamics contribute to the volatility in gold prices.
It’s important to note that gold and silver prices are influenced by various factors, including global economic conditions, geopolitical tensions, and market demand. Investors and traders closely monitor these factors to make informed decisions regarding precious metal investments.
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While the decline in gold prices may impact the local market, it also presents an opportunity for potential buyers who are looking to purchase gold at a lower rate. However, market conditions and external factors should be considered before making any investment decisions.
As the situation in global markets evolves, fluctuations in gold and silver prices are expected to continue. Market participants will continue to analyze economic indicators and market trends to gauge the future direction of precious metal prices.
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Overall, the current decline in gold prices in Pakistan aligns with the international market trend. Investors and consumers will continue to monitor the market closely to make informed decisions based on the evolving economic landscape and global market conditions.
