Karachi, July 10, 2023 – The price of gold in Pakistan witnessed a significant increase, rising by Rs800 per tola, driven by the depreciation of the Pakistani Rupee (PKR) against major currencies.
In the domestic market, the price of 24 karat gold per tola surged by Rs800 to reach Rs209,800. Similarly, the price of 24 karat gold per 10 grams rose by Rs686 to Rs179,184.
READ MORE: Gold Rate Drops by PKR 200 Despite International Market Rise
On the international front, the gold rate remained steady at $1,925 per ounce.
Market analysts attribute the rise in gold prices to the devaluation of the Pakistani Rupee against the US dollar. On Monday, the rupee slipped by PKR 1.90 against the dollar in the interbank foreign exchange market, closing at PKR 279.80.
The weakening value of the Pakistani Rupee has made gold more expensive for local buyers, leading to an upward trend in gold prices in the domestic market. Gold is often seen as a safe haven investment during times of economic uncertainty.
The increase in gold prices may have an impact on the jewelry and investment sectors, as consumers may adjust their purchasing patterns due to the higher cost of gold.
Gold Price in Pakistan Goes Up by Rs600 per Tola
It is important to note that fluctuations in gold prices are influenced by various factors, including global economic conditions, geopolitical tensions, and currency movements. Investors are advised to stay informed and seek professional advice before making any investment decisions related to gold.
