Karachi, June 27, 2023: Gold rate in Pakistan experienced a significant plunge on Tuesday, dropping by Rs1,100 per tola, following a decline in international markets.
The decrease in value left investors and consumers in the country concerned about the future of the precious metal. The price of 24 karat gold per tola plummeted from the previous day’s closing of Rs215,300 to Rs214,200, reflecting a loss of Rs1,100. Similarly, the rate for 10 grams of 24 karat gold decreased by Rs943, closing at Rs183,642 compared to the previous day’s closing of Rs184,585.
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The international market also witnessed a decline in gold prices, with the precious metal losing $9 to settle at $1,922 an ounce. This downward trend in global gold prices played a significant role in the depreciation of gold rates within Pakistan.
Experts in the market have attributed the decline in gold rates to multiple factors. One of the key factors is the recovery of the Pakistani rupee against the US dollar. On June 27, 2023, at the interbank foreign exchange market, the rupee strengthened by 72 paisas, ending the day at PKR 285.99 against the dollar. This appreciation of the local currency against the greenback has provided some relief to the gold market, as it has become relatively more expensive for buyers holding Pakistani rupees.
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The decrease in gold rates may offer a favorable opportunity for potential buyers and investors in the precious metal. However, market dynamics can be volatile, and fluctuations in international markets can have a significant impact on local prices. Therefore, individuals considering entering the gold market are advised to closely monitor the global trends and seek guidance from financial experts to make informed decisions.
Gold has long been considered a safe haven investment, especially during times of economic uncertainty and inflation. Its value is influenced by various factors, including global economic conditions, geopolitical events, and currency fluctuations. Investors and consumers in Pakistan will continue to monitor the gold market closely as they weigh their options for future investments.
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The gold rate plunge in Pakistan after a slide in international markets serves as a reminder of the interconnectedness of global financial systems and how they can impact local economies and markets.
