Gold rate slumps by Rs 2,000 in Pakistan on May 16, 2023

Gold rate slumps by Rs 2,000 in Pakistan on May 16, 2023

The price of gold in Pakistan experienced a significant slump on May 16, 2023, with a decline observed in the international market.

The latest data indicates that the rate of 24-karat gold per tola dropped by Rs 2,000 to Rs 233,100. Similarly, the price of 24-karat gold per 10 grams declined by Rs 1,714 to Rs 199,846. The rate for 22-karat gold per 10 grams was recorded at Rs 183,192 in the domestic market.

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This decline in gold prices can be attributed to a drop in the international market, where the price of gold fell by $9 to $2,006 per ounce.

The rate of silver in Pakistan also witnessed a decline due to the fall in the international market. The price of 24-karat silver per tola decreased by Rs 50 to Rs 2,950, while the rate of 24-karat silver per 10 grams declined by Rs 42.86 to Rs 2,529.14.

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In the international market, the rate of silver was recorded at $23.78.

The decrease in gold and silver prices in Pakistan is directly influenced by the international market trends. Fluctuations in global demand and supply, along with changes in economic conditions, can impact the prices of these precious metals. Investors and consumers in the country closely monitor these developments as they can have implications for investment decisions and the overall economic outlook.

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It is important to note that gold and silver prices can be subject to volatility, and market conditions can change rapidly. Therefore, individuals interested in these commodities should stay informed about the latest market updates and consult with experts before making any investment decisions.

READ MORE: Gold eases to Rs237,300 per tola in Pakistan on May 11, 2023