The price of gold in Pakistan remained unchanged on May 17, 2023, despite a sharp decline observed in the international market.
The latest data indicates that the rate of 24-karat gold per tola stood at Rs 233,100, unchanged from the previous day’s level. Similarly, the price of 24-karat gold per 10 grams remained steady at Rs 199,846. The rate for 22-karat gold per 10 grams was recorded at Rs 183,192 in the domestic market.
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This stability in gold prices can be attributed to the depreciation of the local currency against the dollar, which has offset the benefits of the decline in gold prices in the international markets. In the international market, the price of gold fell by $18 to $1,988 per ounce.
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Market experts have pointed out that the depreciation of the local currency against the dollar has prevented the downward movement in international gold prices from being reflected in the domestic markets.
The rate of silver in Pakistan also witnessed no change in the domestic market despite a decline in the international markets. The price of 24-karat silver per tola remained at Rs 2,950, while the rate of 24-karat silver per 10 grams remained steady at Rs 2,529.14. In the international market, the rate of silver was recorded at $23.76.
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Despite the fall in global gold prices, the unchanged rates in the domestic market highlight the influence of the local currency’s depreciation on the pricing dynamics. Market participants will continue to monitor these factors to assess future trends in gold and silver prices in Pakistan.
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