Karachi, May 31, 2023: Gold rates in Pakistan experienced a significant increase on Wednesday, aligning with the upward trend witnessed in the international market.
The price of 24-karat gold per tola and per 10 grams rose notably, driven by factors such as the global market movement and depreciation of the local currency. Meanwhile, silver rates in the domestic market witnessed a decline. Market analysts expect gold prices to remain volatile in the upcoming days as investors closely monitor the global economic outlook.
READ MORE: Gold Prices in Pakistan Decline Despite International Market Growth
The price of 24-karat gold per tola increased by Rs1,600 to reach Rs234,400, compared to its previous day’s closing value of Rs232,800. Similarly, the price of 24-karat gold per 10 grams rose by Rs1,372 to end at Rs200,960, up from the previous day’s close of Rs199,588. The price of 22-karat gold per 10 grams experienced a decline of Rs1,258, ending at Rs184,214 compared to the previous day’s close of Rs182,956.
READ MORE: Gold prices witness noteworthy decline in Pakistan on May 29, 2023
In the international market, the price of gold witnessed an increase of $4, reaching $1,960 per ounce, compared to the previous day’s closing value of $1,956. This rise in the international market served as a contributing factor to the increase in gold prices in Pakistan.
Market analysts attributed the surge in gold prices in the local market to the depreciation of the Pakistani Rupee (PKR) against the US Dollar. The PKR fell by 12 paisas, closing at PKR 285.47 in the interbank foreign exchange market, compared to the previous day’s close of PKR 285.35. Additionally, the rising trend in the international gold market and increased demand for gold as an investment further contributed to the hike in gold prices.
READ MORE: Gold rates in Pakistan increase despite international market slide
In contrast to gold, silver rates in the domestic market experienced a decline. The price of 24-karat silver per tola fell by Rs50 to reach Rs2,800, compared to the previous day’s closing value of Rs2,850. Similarly, the price of 24-karat silver per 10 grams decreased by Rs42.87, ending at Rs2,400.54, compared to the previous closing value of Rs2,443.41. However, silver rates in the international market witnessed a slight increase, closing at $23.30 per ounce, up from the previous day’s close of $23.24.
READ MORE: Gold prices in Pakistan slide amidst global market downturn
Given the volatile nature of the gold market, investors are advised to closely monitor global economic indicators and market trends. The prices of precious metals, including gold and silver, are expected to remain influenced by international market movements and fluctuations in the local currency.
