Karachi, June 9, 2023: Gold prices in Pakistan witnessed a surge on Friday, fueled by concerns over the budget. This increase can be attributed to the upward trend in international gold markets.
In the domestic markets, the price of 24-karat gold per tola (11.66 grams) rose by Rs2300, reaching Rs229,300 at the close, as compared to the previous day’s closing price of Rs227,000. Similarly, the price of 24-karat gold per 10 grams increased by Rs1,972, settling at Rs196,588, down from the previous day’s closing of Rs194,616. Additionally, the price of 22-karat gold per 10 grams was recorded at Rs180,205, compared to the previous day’s closing of Rs178,398 in local markets.
On the international front, the price of gold experienced a significant increase of $19, reaching $1,965 per ounce, down from the previous day’s closing of $1,946.
READ MORE: Gold Eases in Pakistan Amid Sharp Decline in International Markets
The price of 24-karat silver per tola climbed by Rs50, closing at Rs2,650, compared to the previous day’s closing of Rs2,600 in local markets. Similarly, the price of 24-karat silver per 10 grams increased by Rs42.86, closing at Rs2,271.94, up from the previous day’s closing of Rs2,229.88. However, internationally, the price of silver was recorded at Rs24.36, compared to the previous day’s closing of $23.61.
The rise in gold prices in Pakistan can be attributed to the surge in international gold prices. Additionally, the devaluation of the rupee against the US Dollar has also contributed to the price increase.
READ MORE: Gold Prices in Pakistan Drop by Rs800 per Tola
Both investors and consumers closely monitor gold prices as it is considered a safe-haven asset and often used as a hedge against inflation and economic uncertainties.
Please be aware that this gold report is based on information available up until June 8, 2023, and may not reflect any subsequent market developments or changes.
READ MORE: Gold Prices in Pakistan Witness Decline Amidst International Rise
