Gold prices crash in Pakistan
By News Desk
September 5, 2023 08:03 PM
The foreign exchange market experienced a significant shakeup as the value of the dollar tumbled by Rs6, ushering in a cascading effect on global gold prices. The precious metal's rate plummeted by $9, landing at $1,931 per ounce in the international arena, the 24NewsHD TV channel said.
With the rupee gaining a little strength, the ripple effect was immediately felt in Pakistan's gold market. Consumers saw a notable drop in gold prices, with a tola (around 11.66 grams) becoming cheaper by a whopping Rs 6,300. This decline positions the current price of a tola at Rs 232,800.
Silver, another favoured investment and adornment metal in Pakistan, wasn't immune to these market dynamics. The price for a tola of silver saw a reduction of Rs 100, now priced at Rs 2,800. On a smaller scale, 10 grams of silver is now pegged at Rs 2,400.54, reflecting a dip of Rs 85.74.
These fluctuations, undoubtedly, are set to invigorate the local jewellery sector. Market analysts forecast a potential surge in gold and silver acquisitions, as Pakistanis may look to capitalise on this unexpected yet favourable pricing scenario