Karachi, September 7, 2023 – The downward trend in gold rates in Pakistan continued on Thursday, with the precious metal experiencing a significant drop of around 10 percent in value over the past four days.
In the domestic markets, the price of 24-karat gold per tola fell by Rs 5,800 to close at Rs 216,500, while 24-karat gold per 10 grams shed Rs 4,975 to end at Rs 185,614. This sharp decline in gold rates has caught the attention of investors and consumers alike.
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Market sources suggest that the fall in gold rates may be attributed to a combination of factors, including the recent appreciation of the Pakistani Rupee (PKR) and a decrease in international gold prices.
The Pakistani Rupee, which had been on a declining trajectory against the US dollar, recently witnessed a remarkable recovery. On Thursday, it closed at PKR 304.94 to the dollar in the interbank foreign exchange market, marking a significant improvement from its all-time low of PKR 307.10 against the greenback on September 5, 2023.
READ MORE: Pakistani Rupee Makes Sharp Recovery to End at PKR 304.94 to the Dollar
Simultaneously, in international markets, the price of gold witnessed a decline of $5, reaching $1,921 per ounce. This decrease in global gold prices may have also contributed to the downward pressure on gold rates in Pakistan.
The local gold rates have fallen by approximately 10 percent, equivalent to Rs 23,300, over the past four days. This trend has sparked interest among buyers, as the decline in gold prices presents a potential buying opportunity for those looking to invest in or purchase the precious metal.
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Investors and market observers will closely monitor the fluctuations in both domestic and international gold markets in the coming days to gauge whether this trend of falling gold rates will continue or stabilize. The dynamics of the global economy, currency exchange rates, and geopolitical events will continue to play a significant role in determining the direction of gold prices in Pakistan and around the world.
READ MORE: Gold Rates Witness Notable Decline in Pakistan on September 5
