Gold Rates Rebound in Pakistan Following Six Consecutive Declines

Gold Rates Rebound in Pakistan Following Six Consecutive Declines

Karachi, September 12, 2023 – Gold rates in Pakistan experienced a notable rebound on Tuesday, breaking a streak of approximately six consecutive sessions of decline.

In the domestic market, 24-karat gold per Tola recorded a gain of Rs 5,600, concluding at Rs 215,000. Similarly, the price of 24-karat gold per 10 grams surged by Rs 5,058, settling at Rs 184,585 in the local market.

READ MORE: Gold Slumps to Rs 209,400 per Tola on PKR Appreciation

This reversal in gold prices is particularly noteworthy as it follows a significant drop in the preceding week, primarily driven by the sharp appreciation of the Pakistani Rupee (PKR).

The PKR continued its recovery on Tuesday, reaching a rate of PKR 299.89 against the US Dollar (USD) after hitting an all-time low of PKR 307.10 on September 5, 2023.

READ MORE: Gold Rates in Pakistan on Week-Long Decline Trajectory

The recent increase in the value of gold may be attributed to a surge in demand for the precious metal, triggered by the authorities’ concerted efforts to crackdown on the illegal smuggling and hoarding of US Dollars and other foreign currencies.

READ MORE: Gold Falling Streak Continues for Fifth Day Amid PKR Appreciation

Interestingly, it’s worth noting that gold rates in Pakistan rebounded despite a decline in international markets. Globally, gold decreased by $15, ending at $1,911 per ounce.

This dynamic shift in gold rates highlights the influence of both local and global factors on the precious metal’s value. Investors and traders are keeping a close eye on these developments as they navigate the ever-changing landscape of gold prices.

READ MORE: Gold Rates in Pakistan Witness Around 10% Decline in Four-Day Falling Streak