Gold prices in Pakistan experienced a decline on Friday, with a continuous decrease in the global markets contributing to the reduction.
The local currency’s depreciation against the dollar prevented a further decline in gold rates in the domestic market.
READ MORE: Gold rates in Pakistan witness increase, defying international trends
The price of 24 karat gold per tola dropped by Rs1,000, reaching Rs232,600 in the domestic markets. Similarly, 24 karat gold per 10 grams declined by Rs857, ending at Rs199,417. The price of 22 karat gold per 10 grams was recorded at Rs182,800.
In the international market, gold witnessed a decline of $12, ending at $1,964 per ounce.
READ MORE: Gold remains unchanged in Pakistan despite sharp decline in global market
The depreciation of the local currency, the Pakistani Rupee (PKR), against the dollar prevented a more significant drop in gold rates in the domestic market. The PKR closed at 285.82 to the dollar in the interbank foreign exchange market, marking a decrease of 20 paisas.
READ MORE: Gold rate slumps by Rs 2,000 in Pakistan on May 16, 2023
The rate of 24 karat silver per tola also experienced a decline, dropping by Rs50 to reach Rs2,850 in the domestic market. The price of 24 karat silver per 10 grams declined by Rs42.87, ending at Rs2,443.41.
The international rate of silver was recorded at $23.67 per ounce.
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Gold prices in Pakistan softened due to a continuous decline in global markets. The depreciation of the local currency against the dollar played a role in preventing a further decrease in gold rates in the domestic market.
The decline in silver prices was also observed in both the domestic and international markets. These fluctuations reflect the dynamics of the global precious metal markets and the impact of currency movements on prices.
