Pakistan experienced a significant decrease in gold rates on October 25, 2023, with the decline attributed to a downward trend in international markets.
The precious metal, which has a strong influence on the country’s local economy, saw notable reductions in both tola and 10-gram prices.
The price of 24-karat gold per tola dropped by Rs 750, closing at Rs 208,450 in the domestic markets. Similarly, the rate for 24-karat gold per 10 grams decreased by Rs 643, concluding at Rs 178,712 in local markets.
In international markets, the price of gold also witnessed a decline of $5, ending at $1,990 per ounce. The local gold market in Pakistan is highly sensitive to international market fluctuations due to the country’s substantial reliance on gold imports to meet domestic demand. Exchange rates also play a crucial role in determining gold prices, as fluctuations in the value of the US dollar directly impact import payments.
It is worth noting that in the past two months, the exchange rate has experienced a significant appreciation in the value of the Pakistani rupee against the US dollar. This development, combined with the recent reduction in international gold prices, has resulted in a more favorable environment for local buyers and investors.
The decrease in gold rates is likely to be welcomed by consumers and investors, as it presents an opportunity to purchase the precious metal at a more affordable price. Gold is a popular investment and a symbol of wealth and prosperity in Pakistan, and fluctuations in its price have a significant impact on the country’s economy and financial markets. As such, these changes in gold rates are closely monitored by both investors and the general public.
