Old prices dropped on Thursday in Pakistani marketplaces as foreign rates remained negative despite predictions that inflation would decline in 2023.
On Thursday, the average price of gold in the local market dropped to Rs. 183,400 per tola, a decrease of almost Rs. 5,200 per tola. Another reason for the decline today was the rise of the US dollar internationally.
The cost of 10 grams of gold dropped by Rs. 4,458 to Rs. 157,236.
At 9:15 AM, spot gold was down 0.9 percent at $1,837.01 per ounce after sliding as low as $1,824.08. Overall, international traders were being cautious. The price of gold futures in the United States decreased by about 1% to $1,840.6.
The cost of a 10-gram silver bar decreased by Rs 17.85 to Rs 1,827, while the price of silver decreased by almost Rs 23 per tola to Rs 2,127.
The strength of the US dollar was putting pressure on gold, just as external factors frequently have a major impact on domestic bullion trade. The price of gold increased for holders of other currencies on the last day due to the rise in the dollar, but local players prospered.
Bullion with no yield does not profit from increasing interest rates because it does not pay interest. Analysts predict that gold and silver will likely continue to decline to about $1,805-$1,800, which is a crucial level in the precious metal markets right now if the market has the same kind of beats/expectations for the remainder of this week.