Karachi, August 4, 2023 – In a surprising turn of events, gold prices in Pakistan witnessed a significant gain on Friday, defying the downward trend in international markets and experiencing appreciation in the value of the Pakistani Rupee (PKR).
In the local markets, the price of 24-karat gold per tola surged by a notable Rs 1,300, closing at Rs 221,500. Likewise, the rate for 10 grams of 24-karat gold saw a substantial increase of Rs 1,115, reaching Rs 189,901.
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The unexpected rise in gold prices has left experts and market analysts puzzled, as the global market experienced a decline in gold prices. Internationally, the price of gold slipped by $4, settling at $1,932 per ounce.
Traditionally, gold prices in Pakistan have been heavily influenced by fluctuations in international gold prices and the exchange rate of the Pakistani Rupee. When the PKR strengthens against major currencies like the dollar, gold prices tend to decrease due to the higher cost for local buyers.
However, contrary to the usual trend, the PKR gained 23 paisas against the dollar in the interbank foreign exchange market, closing at PKR 286.97. This gain came after the previous day’s closing rate of PKR 287.20.
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The surprising surge in gold prices has sparked interest among investors and traders in Pakistan. Many are closely monitoring the situation to understand the underlying factors contributing to the price rise.
Market participants are urged to exercise caution and closely track global gold prices and the PKR’s exchange rate in the coming days. Any significant shifts in these factors could impact gold prices in the local market.
As market dynamics continue to evolve, financial experts are expected to provide further insights into this unexpected development in the gold market. Investors are advised to stay informed and seek professional advice before making any investment decisions.
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It remains to be seen how the gold prices in Pakistan will fare in the coming days, considering the unpredictable nature of both international gold markets and currency exchange rates. As developments unfold, market players should remain vigilant and adapt their strategies accordingly.
Note: The information provided in this article is based on available data as of August 4, 2023. Gold prices and currency exchange rates are subject to constant fluctuations, and readers are encouraged to conduct further research and consult with financial experts for the latest information.
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