Gold rates soften in Pakistan after hitting record high

Gold rates soften in Pakistan after hitting record high

Gold rates have been on a rollercoaster ride lately in Pakistan, with the precious metal reaching record highs one day and then softening the next. On Friday, April 28th, 2023, gold rates in the country softened after reaching a record high of Rs218,800 per tola the day before.

The decline in gold prices in the domestic market can be attributed to a decline in the international market. Experts say that gold prices have fallen by $17 to $1,984 in the international market. This decline has resulted in the price of gold of 24 karats per tola falling by Rs100 to Rs218,700. Similarly, the rate of gold 24 karat per 10 grams also declined by Rs86 to Rs187,500, while the rate of gold 22 karat per 10 grams recorded at Rs171,875.

On the other hand, the prices of silver have been on an upward trend. The rate of silver 24 karat per tola witnessed an increase of Rs30 to Rs2,600, and the rate of silver 24 grams per 10 grams recorded an increase of Rs25.72 to reach Rs2,229.08. It is interesting to note that the silver prices have declined in the international market, with the price of silver falling to $24.92 from the previous day’s closing of $25.18.

The fluctuation in gold and silver prices in Pakistan is not a new phenomenon. The country’s economy has been hit hard by inflation and a weakening currency, resulting in an increase in demand for gold and silver as a safe haven investment. This demand has driven up the prices of these precious metals in the local market, which has resulted in increased volatility.

Despite the recent softening of gold rates in Pakistan, it is important to note that gold remains a valuable investment option. It has historically been a reliable store of value and a hedge against inflation. Furthermore, with the current economic uncertainties and global supply chain disruptions, gold and silver can provide investors with a sense of security and stability.

In conclusion, while gold and silver prices in Pakistan may experience fluctuations, they remain a reliable investment option in these uncertain times. It is essential to keep an eye on the global market trends while investing in these precious metals. Investors should also seek professional advice before making any investment decisions.

Gold rates reach all-time high in Pakistan: Rs218,800 per Tola