Karachi, June 15, 2023: The prices of 24 karat per tola gold in Pakistan experienced a significant surge, rising by Rs1,700 to reach Rs220,700, despite a decline in international rates.
The local market witnessed a notable increase in gold prices compared to the previous day when the price of the yellow metal stood at Rs219,000 per tola.
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The rate of 24 karat gold per 10 grams witnessed a gain of Rs1,458, reaching Rs189,215 from the previous day’s closing rate of Rs187,757. Similarly, the rate of 22 karat gold per 10 grams increased by Rs1,336, reaching Rs173,447 from the previous day’s closing rate of Rs172,111 in the domestic market.
Contrary to the local trend, the price of gold in international markets experienced a decline of $19, closing at $1,929 per ounce compared to the previous day’s closing rate of $1,948.
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Experts have attributed the rise in gold prices in Pakistan to the fall in the value of the rupee. The Pakistan Rupee (PKR) slipped by 19 paisas, ending at PKR 287.37 to the dollar in the interbank foreign exchange market, compared to the previous day’s closing rate of PKR 287.18.
Meanwhile, despite the decline in the international market, the prices of silver remained unchanged in Pakistan. The prices of 24 karat silver and 10 grams of silver were maintained at Rs2,550 and Rs2,186.21, respectively.
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However, the silver rates experienced a decrease of 54 cents, closing at $23.35 per ounce, in contrast to the previous closing rate of $23.89.
The surge in gold prices in Pakistan, despite the international rate fall, reflects the impact of the depreciating rupee value. It remains to be seen how these fluctuations in the precious metals market will shape future trends and the overall economic outlook in the country.
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