Gold rates in Pakistan experienced a significant decline of Rs800 on Tuesday, July 25, 2023, attributed to the ongoing fall in international markets.
The gold 24 karat per tola dropped by Rs800 to Rs224,500 in the domestic market. Similarly, the gold 24 karat per 10 grams witnessed a decline of Rs685 to conclude at Rs192,473 in the local market.
READ MORE: Gold Rates Increase Sharply on PKR Depreciation and International Market Rise
The international gold market also registered a downturn, with prices dropping by $5 to end at $1,960 per ounce. Despite the depreciation in the value of the Pakistani Rupee (PKR) against the dollar, the local gold market saw a decline.
The Pakistani Rupee (PKR) has been facing a continuous decline against the US dollar for the eighth consecutive day. The currency’s depreciation was driven by an increase in demand for import payments. The interbank foreign exchange market saw the rupee closing at PKR 288.52 to the dollar, compared to the previous day’s closing rate of PKR 287.92. Over the past eight sessions, the rupee has lost a significant amount, totaling PKR 12.06 since its losing streak began on July 14.
READ MORE: Gold Prices Soften in Pakistan as International Market Sees Decline
The gold rates in the local market are directly influenced by the exchange rate and international gold prices. Despite the recent depreciation of the Pakistani Rupee, the decline in gold rates was notable, suggesting other factors also played a role in influencing the market.
READ MORE: Pakistan Gold Prices Increase by Rs 1,800 as Rupee Depreciation Persists
Financial analysts and experts are closely monitoring the global economic conditions, geopolitical developments, and changes in international gold prices to assess the future trend of gold rates in Pakistan. Investors and traders are advised to exercise caution and closely follow market developments to make informed decisions in this volatile economic climate.
READ MORE: Gold Prices in Pakistan Witness Unanticipated Drop Amid Currency Devaluation
As the situation remains fluid and market dynamics continue to evolve, market participants are advised to stay vigilant and keep track of relevant financial news for potential changes in gold rates and the overall economic landscape.
