Gold Prices on 01-06-2023

Hi Everyone! I hope you are all doing well. Welcome back to another blog. In this blog, we will talk about, Gold Price on 01-06-2023. On Thursday, there was a substantial decline in the price of gold in Pakistan, causing it to record a significant drop. This decline marked the third consecutive day in the current week where the price of gold has experienced a decrease.

According to the recently published data by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), there has been a notable decline in the price of 24-carat gold. The latest figures reveal a decrease of Rs. 5,400 per tola, bringing the price down to Rs. 229,000. Similarly, the price of 10 grams witnessed a significant drop of Rs. 4,629, reaching a closing value of Rs. 196,331.

At the start of the week, the price of gold experienced consecutive declines, resulting in a downward trend. Both on Monday and Tuesday, the price witnessed a decrease of Rs. 1,700, causing concerns among investors. However, a positive turn of events occurred on Wednesday as gold made a significant recovery, with its price surging by Rs. 1,600 per tola. This sudden upswing brought relief to market participants and sparked renewed interest in the precious metal.

The ongoing trend in the market reveals a significant decline in the price of gold. In a span of just four sessions this week, the cumulative drop amounts to an astonishing Rs. 7,200 per tola. Taking a closer look at the international market, spot gold has experienced a notable decrease of 0.11 percent, currently valued at $1,960.09 per ounce as of 1014 GMT. Similarly, the US gold futures have also taken a hit, showing a decline of 0.2 percent, with the current price standing at $1,977.30.

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