September 08, 2023 (MLN): In today's domestic bullion session, 24-karat gold was priced at Rs212,500 per tola, calculated at a rate of PKR 294.77 per USD. In contrast, in the open market, Exchange Companies (ECs) quoted the dollar at 301 for buying and 305 for selling.
This significant disparity between the rates provided by ECs and those considered by bullion traders highlighted the prevailing sense of panic in the Kerb market.
Clearly, market participants are anticipating another significant drop in the value of the US dollar against the Pakistani Rupee (PKR) in the coming days.
This drop is mainly attributed to PKR’s gaining streak against the mighty US dollar on the back of government measures to curb illicit activities in the kerb market.
Date
Spot Gold Close ($)
Converted Gold price per Tola (Rs)
Actual Price (Rs)
USD/PKRK
Actual Rate of conversion
Difference
9/8/2023
1922.4
216,991
212,500
301
294.77
6.23
9/7/2023
1916.64
218,497
216,500
304
301.22
2.78
9/6/2023
1926.53
223,959
222,300
310
307.70
2.30
9/5/2023
1938.34
232,601
232,800
320
320.27
-0.27
9/4/2023
1940.06
240,810
239,100
331
328.65
2.35
8/31/2023
1943.17
233,909
239,800
321
329.08
-8.08
Note: International spot gold price is close price, not weighted average.
