Karachi, October 23, 2023 – Gold prices in Pakistan witnessed a notable increase on Monday, with a rise of Rs 1,250 per Tola, in line with the ongoing uptrend in international markets.
In the domestic market, the 24-karat gold per Tola surged by Rs 1,250 to reach a price of Rs 209,600. Similarly, the price of 24-karat gold per 10 grams climbed by Rs 1,072, closing at Rs 179,698.
The escalation in local gold rates can be primarily attributed to the sustained rally in the global gold market. The price of this precious metal increased by $9, reaching a significant milestone of $2,001.
Experts analyzing the situation suggest that gold rates in Pakistan could have been even higher, were it not for the appreciation of the Pakistani Rupee (PKR) against the US dollar. Over the past one and a half months, the local currency has experienced substantial appreciation against the greenback, owing to administrative measures taken by the Pakistani government.
The global demand for gold has remained robust, with investors turning to this safe-haven asset in uncertain economic times. Factors such as geopolitical tensions and economic uncertainties continue to drive the demand for gold, causing prices to surge.
In Pakistan, the strengthening of the Rupee against the dollar has partially offset the impact of the global rally in gold prices, helping to keep the increase in check for local consumers. However, despite the Rupee’s appreciation, gold remains an attractive investment option for those looking to diversify their portfolios or hedge against financial market volatility.
As gold continues to play a pivotal role in both international and domestic financial markets, observers will be closely monitoring the situation for further developments, keeping an eye on the interplay between global trends and local economic dynamics.
