Karachi, June 1, 2023: Gold prices in Pakistan experienced a significant decline on Thursday, driven by the remarkable appreciation of the local currency against the US dollar.
The price of 24-karat gold per tola fell by Rs5,400 to reach Rs229,000, compared to the previous day’s closing of Rs234,400. Similarly, the price of 24-karat gold per 10 grams decreased by Rs4,629 to Rs196,331 from the previous closing of Rs200,960.
READ MORE: Gold Rates Increase in Pakistan Amid Rise in International Market
The price of 22-karat gold per 10 grams also witnessed a decline, falling by Rs4,244 to Rs179,970 from the previous day’s closing of Rs184,214. Analysts attribute the decrease in domestic gold prices to the significant appreciation of the Pakistani rupee against the US dollar in the open market.
READ MORE: Gold Prices in Pakistan Decline Despite International Market Growth
The local currency gained substantial strength in the open market following the State Bank of Pakistan’s (SBP) decision to allow card payments through the interbank foreign exchange market a day earlier.
In the international market, the price of gold rose by $7 to end at $1,967 per ounce, compared to the previous day’s closing of $1,960.
READ MORE: Gold prices witness noteworthy decline in Pakistan on May 29, 2023
Silver prices also recorded a notable decline in the local market. The price of 24-karat silver per tola dropped by Rs50 to Rs2,750 from the previous day’s closing of Rs2,800. Similarly, the price of 24-karat silver per 10 grams decreased by Rs42.86 to Rs2,359.68 from the previous closing of Rs2,400.34.
READ MORE: Gold rates in Pakistan increase despite international market slide
In global markets, silver prices increased by 15 cents to $23.45 per ounce, compared to the previous day’s closing of $23.30.
