Karachi, November 22, 2023 – Gold prices in Pakistan witnessed a significant surge on Wednesday, marking an uptrend in sync with the continuous rise in the global markets.
The precious metal’s value in the local markets rose by Rs 900, with the 24-karat gold per Tola reaching Rs 216,500, up from the previous day’s closing of Rs 215,600.
Similarly, the price of 24-karat gold per 10 grams experienced an increase of Rs 766, reaching Rs 185,614 from the previous day’s closing of Rs 184,542. This spike in gold prices in Pakistan is attributed to the ongoing upward momentum in the global markets, according to market analysts.
The international gold market also reflected this trend, with gold prices climbing by $11 to conclude at $2,022 per ounce, compared to the preceding day’s closing value of $2,011. Analysts suggest that the surge in local gold prices is directly influenced by the continuous rise observed in the global markets.
One notable factor cushioning the impact of this global surge on the local market is the recent appreciation of the Pakistani Rupee (PKR) against the US dollar. The PKR has been on a recovery streak for the fourth consecutive day, closing at PKR 285.79 in the interbank foreign exchange market a day earlier.
This recovery signifies a substantial rebound from its recent low of PKR 307.10 recorded on September 5, 2023. The remarkable resilience of the local currency against the US dollar has been a contributing factor in mitigating the extent of the rise in gold prices in the domestic market.
Market analysts and financial experts are closely monitoring the dynamic relationship between the global gold market and the local currency’s performance against the US dollar. The continuous recovery of the Pakistani Rupee is seen as a positive sign, offering a degree of stability in the face of external economic fluctuations.
Gold has historically been considered a safe-haven investment, and its prices often respond to global economic uncertainties. Investors and traders in Pakistan are keeping a close eye on both international and local economic indicators to make informed decisions in these volatile times.
As the global economic landscape remains unpredictable, the interplay between international gold prices, the local currency’s performance, and market dynamics will continue to shape the trajectory of gold prices in Pakistan. The coming days will be crucial in determining whether this upward trend is a short-lived spike or indicative of a more sustained shift in the precious metal’s value in the country. Investors and stakeholders alike are advised to stay vigilant and adapt their strategies accordingly in response to the evolving market conditions.