Karachi, June 21, 2023 – The price of gold experienced a decline in Pakistan on Wednesday, primarily influenced by the appreciation of the Pakistani rupee (PKR) and a downturn in international markets.
The drop in gold prices reflects the ongoing volatility in the global economy.
READ MORE: Gold Rate Eases in Pakistan Amid Stable International Markets
The price of 24-karat gold per tola fell by Rs1800, closing at Rs 218,700. Similarly, the price of 24-karat gold per 10 grams decreased by Rs1,543, ending at Rs187,500. In the case of 22-karat gold, the price per 10 grams settled at Rs171,875.
Financial analysts attribute the local market’s decline in gold prices to the strengthening value of the Pakistani rupee. The PKR appreciated by 24 paisas, concluding at PKR 286.98 against the US dollar. This rise in the value of the local currency compared to the previous day’s closing rate of PKR 287.22 in the interbank foreign exchange market has contributed to the decreased cost of gold in Pakistan.
READ MORE: Gold Rate in Pakistan Witnesses Decline of Rs 1,000 on June 19, 2023
Simultaneously, gold prices experienced a downward trend in international markets as well, dropping by $7 to reach $1,934 per ounce. The decline in international gold prices adds to the overall decrease observed in the local market.
The fluctuations in gold prices are often influenced by a variety of factors, including global economic conditions, currency exchange rates, and investor sentiment. As gold is considered a safe haven investment during uncertain times, any changes in these variables can impact its value.
READ MORE: Gold Rates Ease in Pakistan Following International Market Decline
The decrease in gold prices may offer some relief to consumers and jewelry enthusiasts in Pakistan, as it makes gold more affordable for purchase and investment. However, it is important to note that gold prices can be highly volatile and subject to rapid changes based on market conditions.
Market participants and investors will continue to monitor both domestic and international factors that affect the price of gold. Factors such as economic indicators, geopolitical tensions, and central bank policies will be closely watched to gauge the future trajectory of gold prices in Pakistan and worldwide.
READ MORE: Gold Prices in Pakistan Soar by Rs2,700 per Tola on June 16
As the market continues to evolve, it is advisable for individuals interested in gold to stay informed and consult with financial experts for guidance on investment decisions.
