On Thursday, the gold rates in Pakistan exhibited a contrasting movement compared to the international markets.
While gold prices fell globally, the domestic market experienced an increase. The rise in gold rates locally can be attributed to the depreciation of the Pakistani rupee against the dollar.
READ MORE: Gold remains unchanged in Pakistan despite sharp decline in global market
Meanwhile, silver rates in the domestic market witnessed a decline. Here are the detailed insights into the gold and silver rates in Pakistan on May 18, 2023.
In the local market, the price of 24 karat gold per tola witnessed an increase of Rs500, reaching Rs233,600. However, in the international market, the price of gold per ounce fell by $12, settling at $1,976.
READ MORE: Gold rate slumps by Rs 2,000 in Pakistan on May 16, 2023
Similarly, the price of 24 karat gold per 10 grams experienced a rise of Rs428, amounting to Rs200,274. On the other hand, 22 karat gold per 10 grams was recorded at Rs183,585.
The increase in gold rates in the domestic market can be attributed to the depreciation of the Pakistani rupee against the dollar. On May 18, 2023, the local currency witnessed a decline of 22 paisas, with the exchange rate reaching Rs285.62 to the dollar. This currency depreciation likely contributed to the higher gold prices in the local market.
READ MORE: Gold prices continue to rise in Pakistan on May 15, 2023
In contrast to gold, the rates of silver in domestic markets experienced a decline. The price of 24 karat silver per tola dropped by Rs50, reaching Rs2,900. Similarly, the price of 24 karat silver per 10 grams declined by Rs42.86, amounting to Rs2,486.28. The international rate of silver stood at $23.60.
While the international gold prices witnessed a decrease, the gold rates in Pakistan moved in the opposite direction, exhibiting an increase in domestic markets.
READ MORE: Gold rates surge in Pakistan by Rs3,200 due to International market increase
The depreciation of the Pakistani rupee against the dollar likely played a role in this rise. On the other hand, the silver rates in the domestic market recorded a decline. These fluctuations in gold and silver rates highlight the dynamic nature of the precious metals market and the influence of various factors on their prices.
