Karachi, August 8, 2023 – Gold prices in Pakistan witnessed a decrease on Tuesday, with a drop of Rs 600 leading to a value of Rs 221,100 per tola.
The price of 24 karat gold per 10 grams also experienced a decline, slipping by Rs 514 to reach a closing value of Rs 189,558 in the local markets.
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Experts in the market have attributed this decrease in the value of the precious metal to a corresponding decline in the international markets. In global markets, the price of gold saw a decrease of $13, ending at $1,927 per ounce.
Notably, the gold prices have fallen despite the depreciation of the local currency. The prices of precious metals are intricately tied to the value of the dollar; an increase in the value of the US dollar often exerts downward pressure on gold prices in domestic markets.
READ MORE: Gold Prices rise by Rs 1300 in Domestic Markets Amidst Global Trends
The Pakistani Rupee (PKR) also experienced a decline of 48 paisas against the US dollar, concluding at an exchange rate of PKR 287.91 in the interbank foreign exchange market.
These developments underscore the dynamic relationship between global economic factors, currency values, and commodity prices. As markets remain subject to fluctuation, both investors and traders are advised to closely monitor market trends and currency movements to make informed decisions.
READ MORE: Pakistan Gold Prices Plummet with International Decline
