Gold Rates Drop in Pakistan on August 11

Gold Rates Drop in Pakistan on August 11

Karachi, August 11, 2023 – Gold prices experienced a notable decline in Pakistan today, echoing the downward trend observed in international markets.

READ MORE: Gold Rates Increase by Rs 600 on August 10, 2023 in Karachi

The 24-karat gold price per tola experienced a drop of Rs 400, concluding the day at Rs 222,400 in the local market. Similarly, the price of 24-karat gold per 10 grams slipped by Rs 343, settling at Rs 190,672.

The international gold market saw a decrease of $4, with the closing price per ounce resting at $1,918. This shift in the global gold market had a direct impact on the domestic gold prices in Pakistan.

READ MORE: Gold Prices in Pakistan Rise Despite Rupee’s Rebound

Meanwhile, the exchange rate witnessed a depreciation of 89 paisas, causing the Pakistani rupee to end at PKR 288.49 against the dollar on August 11, 2023. The interplay between the international price of this precious metal and the exchange rate in Pakistan plays a significant role in shaping the local gold prices.

READ MORE: Gold Prices in Pakistan Decline to Rs 221,100 per Tola

This change in gold rates attracts the attention of both investors and consumers alike, as fluctuations in the precious metal market often have wider implications for the overall economic landscape. It will be intriguing to observe how these developments unfold in the coming days and whether there will be a rebound in gold rates in Pakistan or a continuation of this downward trend.

READ MORE: Gold Falls by Rs 1100 in Pakistan on August 7