Karachi, August 31, 2023 – Gold prices in Pakistan surged to near-record levels on Thursday, driven by a substantial depreciation of the Pakistani Rupee (PKR) and a strong upswing in international markets.
In the local markets, the price of 24 karat gold per tola increased by Rs 3,400, reaching Rs 239,800. This price is close to the historic high of Rs 240,000, which was recorded on May 10, 2023.
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Similarly, the price of 24 karat gold per 10 grams rose by Rs 2,915, closing at Rs 205,590 in the local market.
Local gold prices are directly influenced by the exchange rate and international prices, as gold in Pakistan is primarily imported and requires foreign exchange in US dollars.
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The depreciation of the Pakistani Rupee on August 31, 2023, hitting its lowest level at PKR 305.54 against the US dollar in the closing of the interbank foreign exchange market, contributed to the rise in local gold prices.
Additionally, in the international market, the price of gold increased by $7, reaching $1,945 per ounce.
READ MORE: Gold Rates in Pakistan End Down by Rs 1500 Despite Rupee Depreciation
This surge in gold prices reflects the impact of both global and domestic economic factors, highlighting the sensitivity of the precious metal to currency fluctuations and international market trends. As Pakistan’s economy grapples with challenges, including currency devaluation and inflation, gold has emerged as a safe-haven asset for investors seeking to preserve their wealth. The current environment underscores the significance of global economic dynamics on local markets and the investments of individuals and businesses alike.
READ MORE: Gold Prices in Pakistan Slide as Global Market Dips
