The price of 24-carat gold fell by Rs700 per tola and reached at Rs103,600 at the closing time of the trading, quoting Sarafa Bazaar Association.
Due mostly to a reduction in the global market, the price of gold in Pakistan suffered a notable decline of Rs 700 on Monday.
24-karat gold per tola saw a significant decline on the local market, closing at Rs 239,100, or a loss of Rs 700. on a similar vein, the price of gold per 10 grams decreased on the local market, losing Rs 600 to settle at Rs 204,990.
Experts in the market indicated that the main cause of the precious metal’s price decrease was the downturn in global markets. Gold dropped $5 globally to $1,940 an ounce.
Although analysts predict more drops in local gold prices, the magnitude of these drops has been somewhat limited due to the devaluation of the Pakistani Rupee (PKR). When calculating the local cost of imported goods, such as gold, the PKR is a major factor. On September 4, 2023, it reached a historic high of PKR 305.64 versus the US dollar.
Gold price fluctuations are closely watched by traders, investors, and consumers alike since shifts in the local or international market can significantly affect the value of this precious metal. As the crisis worsens, market participants will be keenly observing both domestic and international economic developments to forecast the future direction of gold prices in Pakistan.
Also Read: Oct 20: Today’s Gold Prices in Pakistan – Market Opening Update
