Karachi, June 6, 2023: Gold prices in Pakistan experienced a decline on Tuesday, following the upward trend in global gold prices.
The price of 24-karat gold per tola slipped by Rs2,300 to Rs228,100, compared to the previous day’s closing price of Rs230,400. Similarly, the price of 24-karat gold per 10 grams declined by Rs1972, ending at Rs195,559 from the previous closing of Rs197,531 in the local market. Additionally, the price of 22-karat gold per 10 grams has been recorded at Rs179,262, down from the last closing of Rs181,070 in the domestic market.
Internationally, the price of gold witnessed an increase of $24, reaching $1,964 per ounce, compared to the previous closing of $1,940. Conversely, the silver rate for 24-karat per tola declined by Rs100, settling at Rs2,650, while the silver rate for 24-karat per 10 grams decreased by Rs85.74 and recorded at Rs2,271.94 from the previous day’s closing of Rs2,357.58 in the local market. However, silver rates increased in the international markets to $23.77 per ounce, up from the previous closing of $23.45.
The prices of gold and silver are influenced by various factors, including global economic conditions, geopolitical tensions, and market demand. Investors and traders closely monitor these factors to make well-informed decisions regarding precious metal investments.
While the decline in gold prices may impact the local market, it presents a favorable opportunity for potential buyers seeking to purchase gold at a lower rate. However, it is crucial to consider market conditions and external factors before making any investment decisions.
As global market conditions evolve, fluctuations in gold and silver prices are expected to persist. Market participants will continue to analyze economic indicators and market trends to assess the future direction of precious metal prices.
Overall, the current decline in gold prices in Pakistan aligns with the international market trend. Investors and consumers will diligently monitor the market to make informed decisions based on the evolving economic landscape and global market conditions.