Gold prices in Pakistan took a downward turn on Tuesday, falling by Rs1,700 per tola, despite an overall upward trend observed in the international market. This decline can be attributed to the appreciation of the Pakistani Rupee against the US dollar, which impacted the local rates.
Gold Rates in Pakistan: The rate of 24 karat gold per tola saw a reduction of Rs1,700, ending at Rs232,800 compared to the previous day’s closing of Rs234,500 in the local markets. Similarly, the price of 24 karat gold per 10 grams fell by Rs1,458, settling at Rs199,588 from the previous closing of Rs201,046. Additionally, the rate of 22 karat gold per 10 grams slipped by Rs1,335, reaching Rs182,956, as opposed to the previous day’s closing of Rs184,291.
International Gold Market: While gold prices declined in the local market, the international market witnessed an increase. The rate of gold in international markets rose by $11, reaching $1,956 per ounce, compared to the previous day’s closing of $1,945.
Factors Influencing Gold Prices: Market experts attribute the fall in gold rates in Pakistan to the appreciation of the Pakistani Rupee against the US dollar. The Pakistani Rupee gained seven paisas, closing at PKR 285.35 against the dollar, as compared to the previous day’s closing of PKR 285.42 in the interbank foreign exchange market.
Silver Rates: In contrast to gold, the rates of silver remained unchanged in the domestic markets, despite a surge in the international markets. The silver 24 karat remained steady at Rs2,850 per tola and Rs2,443.41 per 10 grams in the local markets. However, silver rates in the international market increased to $23.24 per ounce from the previous day’s closing of $23.21.
Despite an upward trend in the international market, gold prices in Pakistan experienced a decline on Tuesday. The fall in gold rates can be attributed to the appreciation of the Pakistani Rupee against the US dollar. While silver rates remained unchanged domestically, the international market witnessed a slight increase in silver prices. Investors and market participants will continue to monitor these fluctuations to make informed decisions regarding precious metal investments.