Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Gold Price Decreases on June 12th, 2023”.At the start of the new week, the price of gold in Pakistan witnessed a substantial decrease, causing it to decline significantly. As a result, the closing rate for gold settled at Rs. 225,500 per tola, marking a considerable drop in its value.
According to recent data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), there has been a notable decline in the price of gold. The price of 24-carat gold has experienced a significant drop, decreasing by Rs. 1,750 per tola, and now stands at Rs. 225,500. Similarly, the price of 10 grams of gold has also witnessed a decline, with a decrease of Rs. 1,500, bringing it down to Rs. 177,219. These figures highlight the current downward trend in gold prices, indicating a potential shift in the market dynamics.
In the month of May, the price of gold in Pakistan experienced notable fluctuations. Initially, it soared to an unprecedented level, hitting an all-time high of Rs. 240,000 per tola on May 10. Subsequently, it remained predominantly within the range of Rs. 230,000 to Rs. 238,000 for the majority of May. However, as June arrived, the price dipped below the significant threshold of Rs. 230,000.
To put the situation in perspective, since reaching its peak on May 10, the price of gold has undergone a noticeable decline of Rs. 14,500 per tola. These fluctuations have garnered attention and interest among investors and market observers, highlighting the volatility and unpredictability within the gold market during this period.
In the international market, the price of spot gold experienced a modest increase of 0.2 percent, reaching $1,964.10 per ounce at 1209 GMT. Simultaneously, the value of US gold futures witnessed a slight uptick of 0.1 percent, reaching $1,978.10.
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