Karachi October 4 2023: The per tola price of 24 karat gold decreased by PKR 9,100 on Thursday and was sold at PKR 192,000 as compared to its sale at PKR 201,100 the previous day.
Gold prices dropped PKR 50,600 per tola from record high rate of PKR 242,600 per tola close on Saturday September 2nd, 2023.
The price of 10 grams of 24 karat gold also decreased to PKR 164,610 whereas the rate of 10 gram 22 karat went down to PKR 150,891.
In international market, gold prices languished near a seven-month low on Thursday, weighed down by a robust dollar and elevated bond yields as the likelihood of U.S. interest rates staying higher for longer dominated sentiment.
Gold is considered a hedge against inflation and economic uncertainties. But higher interest rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield interest.
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