LAHORE MIRROR — Gold prices in Pakistan experienced a decline on Thursday due to a drop in the international market, coupled with the strengthening of the rupee against the dollar.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold decreased by Rs2,800 per tola, reaching Rs220,200, while the price per 10 grams dropped by Rs2,401, settling at Rs188,786.
Simultaneously, 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.
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.
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.
