Gold Experiences Significant Rise After Prolonged Decline In Pakistan
In recent days of September, there has been a significant drop in gold prices, causing a commotion in the market. The value of this precious metal has decreased by more than 30,000 units in a short time.
However, there has been a noteworthy rebound in the price of 24-karat gold, with a remarkable increase of Rs. 5,600, bringing it to Rs. 215,000 per tola. This turnaround can mainly be attributed to the recent depreciation of the Pakistani Rupee (PKR) against the US Dollar, with the PKR losing 2 rupees in the open market.
Read more : Gold Rate in Hyderabad Today
According to the Karachi Sarafa Association, the price of 10-gram 24-karat gold has also seen a significant rise, reaching Rs. 184,585 per tola, marking a substantial gain of Rs. 5,058.
Similarly, the price of 10-gram 22-karat gold has reached Rs. 168,697 per tola, reflecting a notable increase of Rs. 4,131. This upward movement in gold prices brings hope to investors and those in the bullion market after a period of decline.
It’s essential to note that gold is globally priced in U.S. dollars, so when the local currency, PKR, weakens against the greenback, the value of PKR-denominated gold tends to increase.