Karachi, August 18, 2023 – In a surprising turn of events, gold prices in Pakistan saw an increase of Rs 300 on Friday, defying the sharp decline witnessed in international markets.
The price of 24 karat gold per tola rose by Rs 300, closing at Rs 225,300 in local markets. Similarly, the rate for 24 karat gold per 10 grams saw a rise of Rs 257, concluding the day at Rs 195,158.
READ MORE: Gold Rates in Pakistan Climb Up to Rs 225,000 per Tola
This upward trend in the local gold prices comes in contrast to the international market scenario, where the price of gold experienced a decrease of $6, settling at $1,894 per ounce.
READ MORE: Gold Prices Surge as PKR Depreciation Triggers Rally
Analysts in the market attribute this rise in precious metal prices to the devaluation of the Pakistani Rupee (PKR) against the US Dollar. The rupee saw a depreciation of 86 paisas, closing at PKR 295.78 in the interbank foreign exchange market.
READ MORE: Gold Rates Jump by Rs 1,100 Despite Massive Fall in International Markets
The interplay between local and global factors has created an interesting dynamic in the gold market, as the increase in local gold prices runs counter to the broader international trend. As market experts continue to monitor these developments, the impact of currency fluctuations and global market movements on local commodity prices remains a subject of keen observation.
READ MORE: Gold Prices in Pakistan Decline by Rs 600 on August 12
