Karachi, October 26, 2023 – Gold rates in the domestic market have shown a notable increase of Rs 2,900 per Tola, mirroring the upward trend in global markets.
The 24-karat gold per Tola witnessed a surge of Rs 2,900, concluding at Rs 211,350 in the local markets. Similarly, the price of 24-karat gold per 10 grams rose by Rs 2,486, closing at Rs 181,198.
Financial analysts have attributed the price hike of this precious metal in the local market to the upswing witnessed in international markets. The global price of gold increased by $20 to reach $2,010 per Tola.
It’s important to note that gold rates in Pakistan are significantly influenced by international market rates due to the country’s reliance on imports for this precious metal. The global market’s performance plays a pivotal role in determining the price trends observed in the domestic market.
Another factor contributing to the rise in gold rates in the local market is the exchange rate. The Pakistani Rupee (PKR) has been experiencing a continuous depreciation against the US dollar, which has further impacted the cost of gold. In the interbank foreign exchange market, the Rupee recorded its fourth consecutive session of depreciation, ending at PKR 280.09 against the greenback.
The surge in gold rates is a reflection of the intricate relationship between global and local market dynamics, and it underscores the importance of keeping a close watch on international trends and exchange rate fluctuations. As market conditions continue to evolve, investors and consumers alike will need to remain vigilant to make informed decisions regarding precious metal investments.
