Karachi, September 9, 2023 – Gold rates in Pakistan have been on a week-long downward trajectory, witnessing a remarkable decline of approximately 11.60 percent or Rs 27,800.
This trend has sparked keen interest among investors and consumers alike, as it continues to impact the precious metal market.
READ MORE: Gold Falling Streak Continues for Fifth Day Amid PKR Appreciation
As of Saturday, the price of 24 karat gold per tola settled at Rs 212,000, marking a Rs 500 decrease from the previous day. This decline extends a continuous six-day slump in gold prices. Meanwhile, the rate for 24 karat gold per 10 grams also experienced a drop, losing Rs 428 to reach Rs 181,756 in the local markets.
READ MORE: Gold Rates in Pakistan Witness Around 10% Decline in Four-Day Falling Streak
Market analysts attribute this remarkable decline in gold prices to the substantial appreciation of the Pakistani Rupee against the US dollar. This surge in the Rupee’s strength is part of a broader trend, characterized by a winning streak against the dollar that has persisted for three consecutive days as of Friday.
READ MORE: Drastic Decline in Gold Rates in Pakistan Amid PKR Recovery
The local currency made an impressive gain of PKR 4.5 or 1.35 percent against the US dollar, concluding at PKR 302.95 in the interbank foreign exchange market. This recent surge in the Rupee followed its all-time high of PKR 307.10, recorded on September 5, 2023.
Notably, while gold prices have experienced a downward trend in the Pakistani market, international gold prices showed a modest gain of $4, ultimately closing at $1,919 per ounce. This suggests that the decline in local gold prices is primarily influenced by currency exchange dynamics, with the appreciating Rupee making gold more affordable for Pakistani consumers.
READ MORE: Pakistani Rupee Makes Sharp Recovery to End at PKR 304.94 to the Dollar
The continued appreciation of the PKR against the US dollar and its subsequent impact on gold prices will be closely monitored by investors and consumers alike. These developments will play a pivotal role in shaping the economic landscape, prompting individuals to carefully consider their financial decisions in the coming days.