Karachi, August 30, 2023 – Gold rates in Pakistan have witnessed a notable upward trajectory, marking a Rs 2,900 surge, propelling the price to Rs 236,400 per tola within the local market.
The price of 24-karat gold per 10 grams has also demonstrated an upward momentum, registering a rise of Rs 2,486 and culminating at Rs 202,675 in the domestic market.
This remarkable spike in local gold prices can be attributed to a confluence of factors, notably including the devaluation of the Pakistani Rupee (PKR) and a simultaneous upswing in the international gold markets.
The Pakistani Rupee (PKR) has encountered a significant downturn, hitting an all-time low at PKR 304.45 against the US dollar on August 30, 2023. This devaluation in the local currency has a direct bearing on the prices of imported commodities such as gold.
On the global front, the gold price has undergone a moderate uptick of $21, reaching a valuation of $1,938 per ounce. The worldwide gold market remains susceptible to a range of influences, encompassing geopolitical occurrences, economic metrics, and investor outlook.
Amidst the ongoing fluctuations in gold prices, both on the domestic and international levels, vigilant attention is being paid by investors and consumers in Pakistan. Given gold’s substantial cultural and economic significance in the nation, these shifts hold paramount importance.
