Karachi, August 24, 2023 – In a surprising turn of events, gold rates in Pakistan remained steadfastly unchanged on Thursday, despite the historic low of the Pakistani Rupee (PKR) and a notable surge in international gold markets.
This resilience in gold prices was observed despite significant external economic pressures.
READ MORE: Gold Rates Witness Dramatic Decline in Pakistan Despite Rupee Devaluation
As per local market reports, the price of 24 karat gold per Tola held steady at Rs 232,600, while the price of 24 karat gold per 10 grams remained unchanged at Rs 199,417 in domestic markets. This stability in gold prices came as a contrast to the ongoing economic fluctuations.
Gold prices in Pakistan are primarily influenced by the exchange rate and shifts in international markets. The precious metal is mainly imported to meet domestic demand, making it susceptible to fluctuations in global markets and currency exchange rates.
READ MORE: Gold Prices Surge by Rs 4,600 Following Historic Fall of Pakistani Rupee
The PKR experienced a historic low, reaching PKR 300.22 against the US dollar at the closing of the interbank foreign exchange market on August 24, 2023. This significant depreciation of the rupee underscores the economic challenges faced by Pakistan.
On the international front, gold prices surged by $11, ending at $1,915 per ounce. This uptick in global gold prices can be attributed to various factors, including geopolitical tensions, inflation concerns, and the precious metal’s status as a safe-haven asset.
READ MORE: Gold Prices Soar by Rs 3,100 as PKR Takes a Dive Against the Dollar
The stability of gold prices in the local market amid these challenging economic conditions may be seen as a reflection of the demand for gold as a safe investment during times of currency devaluation and market volatility. Many investors turn to gold as a hedge against economic uncertainty.
As the situation continues to evolve, market observers will closely monitor the dynamic relationship between exchange rates, international gold prices, and local demand to gain insights into the resilience of the gold market in Pakistan. The ability of gold prices to hold firm in the face of economic challenges highlights its enduring appeal as a valuable asset class for investors and individuals alike.
READ MORE: Gold Prices Rise in Pakistan on August 18 Despite Global Market Decline
