Karachi, May 29, 2023: Gold prices in Pakistan registered a noteworthy decline on Monday, reflecting the marginal decrease observed in the international market. The price of 24-karat gold dropped by Rs1,700, reaching Rs234,500 per tola in the local market.
Similarly, the price of 24-karat gold per 10 grams fell by Rs1,457, closing at Rs201,046. Additionally, the price of 22-karat gold ended at Rs184,291 per 10 grams.
In the international market, the price of the yellow metal decreased by $1, settling at $1,945 per ounce.
It is worth noting that the Pakistani Rupee (PKR) experienced depreciation against the US dollar on the first day of the week. The PKR lost 27 paisas, concluding at PKR 285.42 against the dollar in the interbank foreign exchange market.
After a considerable period, the rate of silver showed changes in the domestic markets. The price of 24-karat silver declined by Rs50, reaching Rs2,850 per tola in the local market. Similarly, the price of 24-karat silver per 10 grams experienced a decrease of Rs42.84, settling at Rs2,443.41.
In the international markets, the price of silver ended at $23.21 per ounce.
The decline in gold prices in Pakistan can be attributed to the marginal decrease witnessed in the international market. Additionally, the depreciation of the Pakistani Rupee against the US dollar contributed to the downward trend. The change in silver prices after a prolonged period of stability indicates the fluctuating nature of precious metal markets.
Please note that the gold and silver prices mentioned in this report are fictional and should not be considered as actual market data.
READ MORE: Gold rates in Pakistan increase despite international market slide
