Gold Prices Rise in Pakistan on August 29, 2023

Gold Prices Rise in Pakistan on August 29, 2023

Karachi, August 29, 2023 – Gold prices in Pakistan experienced an upward trend, with an increase of Rs 500, pushing the rate to Rs 233,500 per tola in the local market.

The 24-karat gold price for every 10 grams also witnessed an increment of Rs 429, concluding the day at Rs 200,189 in the domestic market.

READ MORE: Gold Rates in Pakistan End Down by Rs 1500 Despite Rupee Depreciation

The surge in local gold prices can be attributed to a combination of factors, including the depreciation of the Pakistani Rupee (PKR) and a concurrent uptick in international gold markets.

The Pakistani Rupee (PKR) faced a significant decline, reaching a historic low at PKR 303.05 against the US dollar on August 29, 2023. This depreciation in the local currency can contribute to higher prices for imported goods like gold.

READ MORE: Gold Prices in Pakistan Slide as Global Market Dips

Meanwhile, on the international stage, the price of gold experienced a modest increase of $2, reaching $1917 per ounce. The global gold market can be influenced by various factors, including geopolitical events, economic indicators, and investor sentiment.

As gold prices continue to fluctuate both locally and globally, investors and consumers in Pakistan closely monitor these changes, as gold holds a significant cultural and economic value in the country.

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

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