Karachi, July 18, 2023 – The gold rate in Pakistan has witnessed a sharp increase, climbing by Rs 6,200 to reach Rs 221,000 per tola.
Massive Devaluation of Rupee and International Market Upsurge Contribute to Price Rise
The price of 24-karat gold rose by Rs 6,200, closing at Rs 221,000 per tola in the local market. Similarly, 24-karat gold increased by Rs 5,316 to reach Rs 189,472 in the domestic market.
READ MORE: Gold Rate in Pakistan Increases by Rs1600 Amid Falling PKR Value
Market analysts attribute the surge in gold rates in the domestic market to the massive devaluation of the Pakistani Rupee (PKR) and an upswing in the international market. On July 18, 2023, the PKR experienced a significant devaluation of PKR 3.78 against the dollar, ending at PKR 283.04 in the interbank foreign exchange market. Simultaneously, the price of gold witnessed a $10 increase, closing at $1,967 per ounce in the international market.
READ MORE: Gold Price in Pakistan Eases Amid Decline in International Market
Gold prices in Pakistan are influenced by two key factors: the exchange rate and the rates prevailing in the international markets. The recent devaluation of the rupee and the rise in the international market have collectively contributed to the surge in gold prices within the country.
READ MORE: Gold Rate in Pakistan Witnesses Sharp Increase Amid PKR Decline
Investors and gold enthusiasts will closely monitor these developments in the coming days. Fluctuations in the exchange rate, trends in the international gold market, and other economic factors will impact the future trajectory of gold prices in Pakistan.
READ MORE: Gold Rate Rises by Rs4,000, Tracking International Markets
