Gold rates in Pakistan witness correction after reaching all-time high


Gold price movements are directly linked to changes in value of US Dollar
On Saturday, the gold rates in Pakistan saw some correction after hitting all time high, taking the cost of 24-karat gold to Rs246,500 per tola after experiencing a price rise of Rs1100.
Dealers reported a similar correction in the price of 10 grams of 24-karat gold, which has gone down by Rs943 to now trade at Rs211,334. Furthermore, the price of 10 grams of 22-karat gold also showed a dip to trade at Rs193,723.
These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.
The price of 24-karat silver is currently standing at Rs2,650. Internationally also, the gold price saw a price drop of $11, reaching $2,364 per ounce.
It’s very important to recognize that gold rates in Pakistan can vary significantly throughout the day, influenced by trends in the global market. The provided gold rates are sourced from reputable sources, primarily based in Karachi and Multan.
For the most up-to-date and accurate information on gold prices, individuals are advised to consult local gold merchants and jewellers.