Karachi, June 10, 2023 – Gold prices in Pakistan observed a decline on Saturday, influenced by the decrease in international gold prices and government actions aimed at managing dollar outflow.
In the local markets, the price of 24-karat gold per tola witnessed a decrease of Rs2,050, reaching Rs227,250 at the closing, as compared to the previous day’s closing price of Rs229,300. Similarly, the price of 24-karat gold per 10 grams dropped by Rs1,758, settling at Rs194,830, in contrast to the previous day’s closing of Rs196,588. Furthermore, the price of 22-karat gold per 10 grams was recorded at Rs178,594, compared to the previous day’s closing of Rs180,205 in the domestic markets.
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Internationally, the price of gold experienced a significant decline of $4, reaching $1,961 per ounce, down from the previous day’s closing of $1,965.
In the local markets, the price of 24-karat silver per tola remained unchanged at Rs2,650, while the price of 24-karat silver per 10 grams also remained steady at Rs271.94. However, on the international front, the price of silver was recorded at Rs24.31, compared to the previous day’s closing of $24.36.
READ MORE: Gold Eases in Pakistan Amid Sharp Decline in International Markets
The decrease in gold prices in Pakistan can be attributed to the downward trend in international gold prices. Additionally, the government’s measures to control dollar outflow have contributed to the decline in gold prices. To address dollar outflow, the government has introduced withholding tax of up to 10 percent on individuals making transactions via debit and credit cards.
Both investors and consumers closely monitor gold prices as it is considered a reliable asset for hedging against inflation and economic uncertainties.
READ MORE: Gold Prices in Pakistan Drop by Rs800 per Tola
Please note that this gold report is based on information available up until June 8, 2023, and may not reflect any subsequent market developments or changes.
