Monday saw a surprising increase in gold rates in Pakistan, with prices rising by Rs2,000 per tola, even as international markets experienced a decline.
The price of 24 karat gold soared to Rs237,300 per tola, marking a significant surge. Similarly, the price of 24 karat gold per 10 grams also experienced a substantial gain, rising by Rs1,714 to reach Rs203,446. Meanwhile, the rate for 22 karat gold per 10 grams was recorded at Rs186,476.
READ MORE: Gold rates surge in Pakistan amidst global market upward trend
In contrast, international gold markets observed a downward trend, with gold declining by $5 to conclude at $1,972 per ounce. This discrepancy between local and international gold prices has puzzled analysts and investors alike.
Experts have attributed the recent surge in gold prices to the depreciation of the Pakistani Rupee (PKR) against the US dollar. On Monday, the PKR slipped by 74 paisas, resulting in an exchange rate of PKR 286.56 against the dollar in the interbank foreign exchange market. The decline in the value of the rupee has increased the cost of importing gold, leading to higher local prices.
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Silver prices also experienced an upward movement in Pakistan. The rate for 24 karat silver per tola rose by Rs50 to reach Rs2,900, while the price for 24 karat silver per 10 grams increased by Rs42.87 to Rs2,486.28. Meanwhile, the international silver price settled at $23.76 per ounce.
Investors and traders are closely monitoring the fluctuating gold and silver prices in Pakistan, analyzing the impact of the rupee’s depreciation and the global market trends. The rise in gold rates despite the fall in international markets has raised concerns among market participants, who are eagerly awaiting further developments to make informed investment decisions.
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The gold and silver markets remain unpredictable, influenced by a multitude of factors such as global economic conditions, currency fluctuations, geopolitical tensions, and investor sentiment. As a result, traders and investors are advised to exercise caution and consult with financial experts before making any investment decisions in the precious metals market.
