Karachi, July 13, 2023 – The gold rate in Pakistan experienced a significant increase of Rs4,000 per tola on Thursday, following a continuous rise in international markets. The surge in gold prices can be attributed to global trends and market dynamics.
In the local markets, the price of 24-karat gold per tola climbed by Rs4,000 to reach Rs208,000. Similarly, the price of 24-karat gold per 10 grams rose by Rs3,429 to end at Rs178,326.
READ MORE: Pakistan Gold Price Eases Amid PKR Gains Value
Internationally, the price of gold witnessed a $13 increase, reaching $1,959 per ounce.
It is worth noting that the recent approval of a loan program by the International Monetary Fund (IMF) has positively impacted the local currency in Pakistan. The Pakistani Rupee (PKR) strengthened against the US dollar, gaining PKR 1.02 to close at PKR 276.46 in the interbank foreign exchange market, compared to the previous day’s closing rate of PKR 277.48.
READ MORE: Gold Drops Massively by Rs4,500 in Anticipation of More PKR Gains
The exchange rate between the Pakistani Rupee and the US dollar has a direct influence on gold prices in Pakistan since international gold prices are quoted in US dollars. Therefore, any fluctuations in the exchange rate can result in changes in the local gold market.
READ MORE: Gold rate rises by Rs800 amid rupee depreciation
Investors and individuals interested in purchasing gold are advised to closely monitor international trends and consider the impact of exchange rates on the local gold market. It is essential to conduct thorough research and analysis before making any investment decisions related to gold or any other financial instrument.
