Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Price of Gold on 7th June 2023”. The price of gold in Pakistan experienced a significant decline for the third consecutive day in the ongoing week, and furthermore, it continued to decrease for the fourth straight day overall on Wednesday.
The report provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold has experienced a significant drop. Specifically, the price of 24-carat gold has experienced a significant drop of Rs. 800 per tola, now standing at Rs. 227,300. Furthermore, the price of 10 grams of gold has also witnessed a decrease of Rs. 686, resulting in a closing price of Rs. 194,873. These updated figures reflect the current trend in the gold market, indicating a decrease in its value.
The price decline began last Saturday with a decrease of Rs. 1,600 per tola. On Monday, the price fell again by Rs. 1,000 per tola, followed by another decrease of Rs. 2,300 per tola on Tuesday. The cumulative decline for the week is now Rs. 4,100 per tola. Currently, the precious metal is trading well below its all-time high of Rs. 240,000 per tola.
In the international market, the value of spot gold experienced a slight decline of 0.1 percent, settling at $1,960.49 per ounce as of 1340 GMT. Similarly, the US gold futures also showed a decrease of 0.3 percent, with prices reaching $1,976.50.