Karachi, August 3, 2023 – Gold prices in Pakistan experienced a sharp decline on Thursday as the international market for the precious metal witnessed a significant downturn.
The local gold prices were heavily impacted by this global trend, leading to a considerable drop in value.
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The price of 24 karat gold per tola (approximately 11.66 grams) fell by Rs 2,800 to reach Rs 220,200 in the domestic markets. Similarly, the price of 24 karat gold per 10 grams dipped by Rs 2,401 to reach Rs 188,786.
In the international market, the price of gold recorded a decline of $15, settling at $1,936 per ounce. This drop in international gold prices had a direct impact on the local gold market, leading to the substantial decrease observed in Pakistan.
READ MORE: Gold Rates in Pakistan Stagnate amid Rupee Depreciation and International Downturn
The fluctuation in gold prices is not uncommon, as it is influenced by various factors, including global economic conditions, geopolitical events, and currency exchange rates. In Pakistan’s case, the exchange rate of the Pakistani Rupee (PKR) plays a significant role in determining the local gold prices. On this particular day, the PKR appreciated by 2.17 against the US Dollar, ending at PKR 287.20 in the interbank foreign exchange market. This appreciation might have provided some relief to the overall economic conditions and local gold prices.
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Investors and consumers alike closely monitor the gold market due to its reputation as a safe-haven asset during times of economic uncertainty. However, its value is subject to market fluctuations and can experience rapid changes based on global trends.
It is essential to keep in mind that the gold market remains highly volatile and can be affected by various external factors, so it is crucial for investors to stay informed and cautious while making decisions regarding gold investments.
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