Gold Prices in Pakistan Slide as Global Market Dips

Gold Prices in Pakistan Slide as Global Market Dips

Karachi, August 26, 2023 – In a stunning development, gold prices in Pakistan experienced a decline on Saturday, influenced by a drop in the global gold market.

The rate for 24 karat gold per Tola exhibited a reduction to Rs 234,500, marking a downturn of Rs 1,000 in the local market compared to the previous closing rate of Rs 235,500.

Similarly, the price of 24 karat gold per 10 grams saw a significant decrease of Rs 857, settling at Rs 201,046. The primary factor contributing to this decline in gold prices can be attributed to the drop in the international gold market.

Notably, the gold rates remained unaffected by the devaluation of the Pakistani Rupee against the US Dollar due to the closure of the interbank markets for the day.

Globally, gold prices also experienced a reduction of $5, reaching a new valuation of $1,914 per ounce. This unexpected turn of events in the gold market has left both investors and analysts speculating about the potential implications for the near future.

This sudden decrease in gold rates serves as a reminder of the intricate connections between global market trends and local economies. It will be intriguing to observe how the situation unfolds in the coming days, as international and domestic factors continue to influence the precious metal’s value.

READ MORE: Gold Prices Surge by Rs 4,600 Following Historic Fall of Pakistani Rupee

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