KARACHI: Gold prices in Pakistan experienced a continued decline on Friday, aligning with the downward trend observed in international markets.
This decline in prices was attributed to multiple factors, including the global market conditions and the appreciation of the local currency. Conversely, silver prices in the domestic markets remained steady despite an increase in the international markets.
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The price of 24-karat gold per tola in Pakistan witnessed a decline of Rs250, reaching Rs235,750 in the local markets. This marked the second consecutive decrease in the domestic prices of the precious metal. Similarly, the price of 24-karat gold per 10 grams decreased by Rs214, closing at Rs202,118. Additionally, the price of 22-karat gold per 10 grams slipped to Rs185,274 from the previous day’s closing of Rs185,471.
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The decline in gold prices in Pakistan mirrored the global market’s performance. Internationally, the price of gold dropped by $9 to $1,952 per ounce, contributing to the downward trend in the local markets. Market sources have indicated that the fall in gold prices locally can also be attributed to the appreciation of the Pakistani Rupee (PKR) against the US dollar. The PKR recorded its third consecutive gain against the USD, ending at PKR 285.15 in the interbank foreign exchange market on May 26, 2023.
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In contrast to gold, silver prices in the domestic markets remained unchanged despite an increase in international markets. The price of 24-karat silver per tola and per 10 grams held steady at Rs2,900 and Rs2,486.28, respectively. However, silver prices in the international markets saw a slight increase of 20 cents, reaching $23.20 per ounce compared to the previous day’s closing price of $23.20.
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The continued decline in gold prices in Pakistan can be attributed to the overall global market downturn and the appreciation of the local currency. Investors and market participants will closely monitor these fluctuations to gauge their potential impact on the precious metals sector. Meanwhile, silver prices in the domestic markets have remained stable, despite a slight increase in international markets. The dynamics of the global and local economies will continue to shape the future trends in gold and silver prices.
