Karachi, October 20, 2023 – Gold prices in Pakistan witnessed a substantial increase on Friday, with a rise of Rs 2,200, primarily driven by a global upswing in the precious metal’s value.
The price of 24 karat gold per Tola climbed by Rs 2,200, reaching a total of Rs 208,500 in the domestic markets. Similarly, the rate for 24 karat gold per 10 grams saw an increase of Rs 1,886, concluding at Rs 178,755.
These price hikes are in line with the trends observed in international markets, where gold rates experienced an upsurge of $27, reaching $1,996 per ounce. It is important to note that the prices of precious metals in global markets have a direct impact on local markets in Pakistan due to the nation’s reliance on imports.
However, it is worth mentioning that the local currency has exhibited significant strength in the past month and a half. Since September 5, 2023, the Pakistani Rupee has appreciated by PKR 28.30, resulting in an exchange rate of PKR 278.80 against the US dollar as of October 20, 2023. This recent strengthening of the rupee has contributed to stabilizing the impact of the global gold price increase in the local market.
The uptick in gold prices signifies the growing significance of global economic events on Pakistan’s financial landscape, underlining the interdependence of international and domestic factors in influencing commodity prices in the country. As global markets continue to fluctuate, Pakistan’s markets will remain responsive to these developments, particularly in the precious metals sector.
