On November 14, 2023, gold rates in Pakistan experienced a noteworthy gain of Rs 1,000, reflecting the continuous upward trajectory observed in international markets. The surge in prices has impacted both the per Tola and per 10 grams rates, causing fluctuations in the domestic markets.
In the local scenario, the 24-karat gold per Tola saw a substantial increase of Rs 1,000, reaching Rs 212,800 from the previous day’s closing figure of Rs 211,800. Similarly, the 24-karat gold per 10 grams also recorded a rise of Rs 858, concluding the day at Rs 182,442 compared to the previous day’s Rs 181,585.
Market analysts attribute this surge to the persistent uptrend in the prices of the precious metal on the international stage. The global dynamics of gold prices are influencing the local markets, creating an environment where the commodity becomes more valuable for investors and buyers.
Internationally, the price of gold rose by $5, reaching $1,965 per ounce, marking an increase from the previous day’s closing figure of $1,960. This trend suggests that the global market conditions are contributing to the hike in gold rates.
Moreover, analysts speculate that the depreciation of the local currency is an additional factor intensifying the surge in gold prices in the domestic markets. The US dollar has maintained its dominance over the Pakistani Rupee (PKR) for the 15th consecutive session, surpassing the PKR 287.55 mark in the interbank foreign exchange market.
The continuous ascent of the US dollar is linked to heightened demand for the greenback in import transactions and corporate payments, creating substantial pressure on the local currency. This shift in the currency exchange landscape further amplifies the impact of global gold price trends on the local market.
The gold market, often considered a safe-haven investment, tends to witness increased activity during times of economic uncertainty and currency devaluation. Investors and individuals often turn to gold as a store of value in such situations, contributing to the rise in its prices.
As the global and local economic landscapes continue to evolve, the gold market remains a dynamic and responsive sector. The interplay of international trends and local economic conditions will likely shape the trajectory of gold rates in the foreseeable future, prompting market participants to closely monitor and adapt to these fluctuations.
