Karachi, August 1, 2023 – Despite a decline in international markets and depreciation in the value of the Pakistani Rupee (PKR) against the US Dollar, gold rates in Pakistan remained unchanged on Tuesday.
In the local market, the price of 24 karat gold per tola (11.66 grams) was stable at Rs 222,200. Similarly, the cost of 24 karat gold per 10 grams showed no variation, maintaining a steady Rs 190,501.
READ MORE: Pakistan Gold Experiences Drastic Fall on July 31, 2023
Notably, gold prices in Pakistan are highly influenced by the exchange rate and international market prices. On this particular day, the gold rate in international markets experienced a decrease of $9, reaching $1,950 per ounce.
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Conversely, the Pakistani Rupee (PKR) recorded a decline of 90 paisas against the US Dollar, with the interbank foreign exchange rate settling at PKR 287.54. This decrease followed the previous day’s closing rate of PKR 286.64.
READ MORE: Gold Rates Experience Sharp Fall as PKR Strengthens Against Dollar
Despite the international downturn, the stable gold rates in Pakistan came as a surprise to many investors and analysts. The situation highlights the complex interplay of global economic factors and underscores the resilience of the Pakistani gold market amid challenging circumstances.
Investors and gold enthusiasts in the country are closely monitoring both international developments and domestic economic conditions to gauge the potential impact on gold rates in the coming days.
READ MORE: Gold Rates in Pakistan Decline by Rs800 on July 25, 2023 Amidst International Market Fall
