Karachi, October 28, 2023 – Gold prices in Pakistan witnessed a significant surge on Saturday, increasing by Rs 2,000, owing to the robust international prices of the precious metal.
The 24-karat gold per Tola, a widely-used measurement in Pakistan, reached a price of Rs 213,300 in the local market, reflecting the increase. Similarly, the rate for 24-karat gold per 10 grams rose by Rs 1,714, reaching a local market price of Rs 182,870.
Market experts have attributed this sudden price hike in the local gold market to the continuous rise in international gold prices. Globally, the price of gold surged by $19, ending at $2,026 per ounce. This uptick in international rates has reverberated in the local market, affecting the prices of the precious metal.
In addition to international factors, the depreciation of the Pakistani Rupee (PKR) has further compounded the situation. The Pakistani Rupee has been on a declining trend against the US Dollar for five consecutive days, closing at PKR 280.57 in the interbank foreign exchange market. This persistent decline has raised concerns among traders and financial analysts alike, as the local currency has depreciated by approximately PKR 1.78 against the US Dollar since its closing rate of PKR 278.79 on October 20, 2023.
The combination of global trends and the local currency’s depreciation has resulted in the surge in gold prices, impacting both consumers and traders in the Pakistani market. It is a situation that many are closely monitoring, as gold is a significant asset for investors and is often used in various cultural and economic contexts in the country.
Gold has long been considered a safe-haven asset and is often sought after in times of economic uncertainty. As international gold prices fluctuate, they can have a direct impact on local markets, affecting gold traders, jewelry makers, and consumers alike.
The future trajectory of gold prices in Pakistan will depend on a variety of factors, including the global economic landscape, the value of the Pakistani Rupee, and international market dynamics. Traders and investors will be keen to observe these developments and make informed decisions in response to these market changes.
As gold continues to play a significant role in the financial and cultural landscape of Pakistan, these price fluctuations hold importance not only for the business community but also for the wider population who may have an interest in gold investments or jewelry purchases.
