Gold Price on 23-06-2023

Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Gold Price on 23-06-2023”. The price of gold in Pakistan experienced a notable downturn on Friday, continuing its decline for the fifth consecutive day within the current week. This downward trend led to the precious metal reaching a nearly two-month low, causing concern among investors and traders alike.

As per the most recent data disclosed by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold experienced a significant decline of Rs. 1,500 per tola, ultimately stabilizing at Rs. 217,000. Similarly, the price of 10 grams of gold also experienced a significant decrease, falling by Rs. 1,285 and concluding at Rs. 186,043. These figures reflect the overall bearish sentiment surrounding gold in the local market, prompting individuals to closely monitor the situation and assess potential implications for their investments.

The price of gold has experienced a consecutive decline for five straight days this week. This marks the first time such a decline has occurred in the past several months. Also, the downward trend began on Monday, with the price dropping by Rs. 1,000 per tola. On Tuesday, it further fell by Rs. 200 per tola. Wednesday witnessed a significant depreciation of Rs. 1,800 per tola, followed by an additional decrease of Rs. 200 per tola on Thursday.

Taking into account today’s decline, the cumulative decrease in the price of gold now stands at Rs. 4,700 per tola. This decline brings the price of gold down to around the Rs. 217,000 per tola mark, a level last seen almost two months ago.

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Moreover, it is noteworthy that the precious metal reached its all-time high price of Rs. 240,000 per tola on May 10. However, recent days have seen a steady and notable decline in its value.

In the international market, the price of spot gold showed a modest rise of 0.3 percent, reaching $1,919.06 per ounce at 1130 GMT. Similarly, the value of US gold futures also experienced a 0.3 percent increase, reaching $1,929.20. Although, these positive movements indicate a favorable trend in the gold market, suggesting potential opportunities for investors.


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