Gold Prices Soar by Rs 3,100 as PKR Takes a Dive Against the Dollar

Gold Prices Soar by Rs 3,100 as PKR Takes a Dive Against the Dollar

Karachi, August 21, 2023 – Gold prices in Pakistan experienced a substantial surge on Monday, mirroring the sharp decline of the Pakistani Rupee (PKR) against the US dollar.

The price of 24 karat gold per tola skyrocketed by Rs 3,100, concluding the trading day at a notable Rs 229,900 in the local market. Likewise, the price of 24 karat gold per 10 grams saw a significant increase of Rs 2,658, settling at Rs 197,102.

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Financial experts have attributed this remarkable spike in the precious metal’s value to the sudden strengthening of the US dollar against the Pakistani Rupee. On Monday, the PKR plummeted by a substantial PKR 1.35 against the US dollar, closing at PKR 297.13 in the interbank foreign exchange market. It is crucial to note that fluctuations in the exchange rate have a profound impact on gold prices, often resulting in significant shifts in the local market.

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Furthermore, the international gold market also experienced an uptick in prices, contributing to the local surge. Gold prices rose by $2, culminating at $1,891 in global markets.

This sharp increase in gold prices serves as a reminder of the interconnectedness of global economic factors and their influence on local markets. As Pakistan continues to navigate a volatile economic landscape, investors and consumers alike are closely monitoring these developments, especially as they pertain to the prices of precious metals like gold.

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The fluctuation in gold prices may also have wider implications for investors and consumers in Pakistan, prompting increased interest in alternative investment options and affecting the nation’s economic outlook in the days to come.

READ MORE: Gold Rates Jump by Rs 1,100 Despite Massive Fall in International Markets