In the latest market update on Wednesday, the price of 24-karat gold rose to Rs 217,000 per tola, while the 22-karat variant was listed at Rs 198,917 per tola. Even in smaller quantities, the rates remained elevated, with 10 grams of 24-karat gold priced at Rs 186,043 and 22-karat gold at Rs 170,539.
These persistent high prices are closely tied to the intricate relationship between currency values and gold prices, a connection accentuated by the notable fluctuations in the dollar's value. Bloomberg predicts that the Pakistani Rupee (PKR) will reach 350 per USD by 2024.
Despite a global decline in gold prices, currently standing at $2,043 per ounce, it's essential to note that gold prices in Pakistan can experience significant variations throughout the day, influenced by trends in the global market.
The rates provided are sourced from reliable outlets primarily located in Karachi and Multan.