Karachi, August 2, 2023 – Gold rates in Pakistan experienced a significant uptick, with the price of 24 karat gold per tola rising by Rs 800, closing at Rs 223,000 in the local market.
Similarly, the price of 24 karat gold per 10 grams also surged by Rs 686, concluding at Rs 191,187. The rise in gold rates can be attributed to the recent depreciation of the Pakistani Rupee (PKR) against the US dollar.
READ MORE: Gold Rates in Pakistan Stagnate amid Rupee Depreciation and International Downturn
Experts in the financial market have pointed out that the escalating gold prices are directly influenced by the declining value of the Pakistani Rupee. Over the past three consecutive days, the rupee has been experiencing losses against the dollar, ultimately ending at PKR 289.38 in the interbank foreign exchange market on Wednesday.
It is crucial to understand that the prices of the precious yellow metal in Pakistan are closely linked to the exchange rate and international gold prices. In this case, the surge in gold rates can be partially attributed to the increased value of the US dollar against the PKR.
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Concurrently, the international market has also witnessed an upward trend in gold prices, with a $1 increase to reach $1,951 per ounce.
Market analysts and financial experts are closely monitoring the situation and anticipate further fluctuations in gold rates based on the currency exchange movements and international market dynamics.
This surge in gold prices has implications for both investors and consumers in Pakistan. For investors, it presents an opportunity to capitalize on the rising prices of the precious metal. On the other hand, consumers may find it challenging to afford gold jewelry or other gold products due to the increased rates.
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In response to these developments, financial authorities and policymakers in Pakistan may take necessary measures to stabilize the currency and address the impact of gold price fluctuations on the economy.
As the situation continues to evolve, investors and consumers are advised to stay vigilant and keep abreast of the latest market developments and fluctuations in gold rates.
READ MORE: Gold Rates Experience Sharp Fall as PKR Strengthens Against Dollar
In conclusion, the gold rates in Pakistan have risen significantly due to the depreciation of the Pakistani Rupee against the US dollar. Market experts suggest that the trend is likely to continue in the near term, depending on currency exchange movements and international gold prices. Investors and consumers should remain informed about the evolving market dynamics to make informed decisions regarding gold-related investments and purchases
