The recent appreciation of the Pakistani rupee against the US dollar is one of the primary factors contributing to this decline in gold prices. There is a possibility that the price of gold in Pakistan would be affected when the rupee appreciates in value in comparison to the dollar.
How Much Did It Fall, Exactly?
The price of gold per tola fell by Rs. 500, bringing the total cost down to Rs. 212,000. Those who like to measure in grams will be pleased to know that the price of 10 grams of 24-karat gold has decreased by Rs. 428 and has now settled at Rs. 181,756.
If you were thinking about purchasing gold, this information indicates that the price is now somewhat more reasonable.
Influence on the International Market
The price of gold has fallen across the board, not only in Pakistan; in fact, it was seen on worldwide markets. This precious metal’s price dropped by $4 throughout international markets, moving from $1,923 per ounce to $1,919 per ounce. This demonstrates that the price of gold is affected by both domestic and international forces.
The price of Silver Is Also Affected
Not only the price of gold, but the price of other precious metals also changed. Silver prices also fell during this time period. The price of one tola of silver went down by Rs. 100, bringing it to a total of Rs. 2,550.
If you like to think about things in terms of 10 grams, the price of 10 grams of silver dropped by 85.73 rupees, and it now stands at 2,186.2 rupees.