Karachi, July 17, 2023 – The gold rate in Pakistan witnessed a significant increase of Rs1,600 on Monday, primarily due to the devaluation of the Pakistani Rupee (PKR) against the US dollar.
In the local market, the price of 24 karat gold per tola surged by Rs1,600 to reach Rs214,800. Similarly, the price of 24 karat gold per 10 grams rose by Rs1,371 to close at Rs184,156.
READ MORE: Gold Price in Pakistan Eases Amid Decline in International Market
Market experts attribute the spike in gold rates to the depreciation of the rupee against the dollar. On July 17, 2023, the rupee fell by PKR 1.67, ending at PKR 279.26 to the dollar, compared to the previous closing rate of PKR 277.59 in the interbank foreign exchange market.
READ MORE: Gold Rate in Pakistan Witnesses Sharp Increase Amid PKR Decline
The prices of gold in Pakistan are closely linked to the dollar, and any fluctuations in the foreign currency have a direct impact on the prices of the precious metal.
Furthermore, the gold rate in the international market also increased by $2, closing at $1,957 per ounce.
READ MORE: Gold Rate Rises by Rs4,000, Tracking International Markets
The rise in gold rates reflects the global market trends and the demand for the precious metal as a safe-haven investment during times of currency fluctuations and economic uncertainties.
Investors and individuals interested in gold trading are advised to closely monitor market conditions and seek professional advice to make informed decisions regarding their investments in gold.
