The price of gold in the domestic market of Pakistan experienced a significant decline on Wednesday. Gold prices plummeted by over Rs1,200, causing a buzz in the local financial circles.
As per market reports, the price of gold per tola, a traditional unit of measurement in South Asia equivalent to 11.66 grams, dropped by Rs1,200 to reach a new low of Rs211,800. Similarly, the price of 10 grams of gold saw a decline of Rs1,029, settling at Rs181,584 on the same day.
What’s even more astonishing is that this dip in gold prices occurred despite the Pakistani rupee’s slide against the US dollar in the interbank foreign exchange market. The local currency shed Rs1.17 against the US dollar, closing at Rs282.64 on the first trading session of November, compared to the previous day’s closing rate of Rs281.47.
Financial experts are closely monitoring this unexpected fluctuation in gold prices and the rupee’s exchange rate against the dollar. The reasons behind this drop in gold prices remain a topic of discussion, with some attributing it to international market dynamics and others pointing to local economic conditions.
Investors and market participants are keenly observing these developments, as they can have a significant impact on the financial landscape of Pakistan and the preferences of local investors. It remains to be seen how these shifts will affect the buying and selling patterns of gold in the country’s domestic market in the coming days.
