Karachi, June 3, 2023 – In a significant development, gold rates in Pakistan experienced a sharp decline of Rs1,600 on Saturday, primarily influenced by a notable drop in international markets. This plunge has captured the attention of investors and individuals closely following the precious metal’s performance.
The price of 24-karat gold per tola (11.66 grams) witnessed a reduction of Rs1,600, reaching Rs231,400, compared to the previous day’s closing price of Rs233,000. Similarly, the price of 24-karat gold per 10 grams decreased by Rs1,371, closing at Rs198,388, in contrast to the previous day’s closing price of Rs199,760. Concurrently, the price of 22-karat gold per 10 grams stood at Rs181,855.
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Internationally, the price of gold declined by $27, culminating at $1,948 per ounce, as opposed to the previous day’s closing price of $1,975. This global downward trend has played a substantial role in influencing the local market.
In contrast, the prices of silver in the domestic market remained stable, unaffected by the upturn observed in international markets. The price of silver per tola (11.66 grams) remained at Rs2,750, while the price per 10 grams closed at Rs2,357.68. However, on the international front, the price of silver has been recorded at $23.63.
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The sudden drop in gold prices within Pakistan can be attributed to the significant decline experienced in international markets. Gold continues to be perceived as a safe-haven asset amidst economic uncertainties and inflationary pressures, prompting investors to seek refuge in the precious metal. This increased demand drives up gold’s price.
It is important to acknowledge that gold and silver prices are subject to fluctuations influenced by various factors, including global economic conditions, geopolitical tensions, and market sentiment. For individuals interested in gold and silver, monitoring market dynamics and seeking professional advice before making investment decisions is strongly recommended.
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Disclaimer: This news report provides a general overview of gold and silver price movements based on available information at the time of writing. Prices may vary in real-time, and investors are advised to conduct thorough research and consult with financial experts for accurate and up-to-date information before making any investment decisions.