On Saturday, October 14th, 2023, gold enthusiasts in Pakistan were keeping a close eye on the market as they watched the gold rate fluctuate. The gold rate per tola was holding steady at Rs 207,900, while 1 gram of 24k gold was being sold at a price of Rs 17,824. Those looking to buy in bulk were able to trade 10 grams of 24k gold for a total of Rs 178,240. Meanwhile, a single ounce of 24 Karat Gold was trading at Rs 505,197, reflecting a significant investment for anyone hoping to buy a substantial amount of gold at this time. Overall, the gold market remained strong on this day in Pakistan, offering investors and buyers plenty to consider.
Gold Rate in Pakistan Today 14 October 2023
|Gold Rate||24K Gold||22K Gold||21K Gold||18K Gold|
|Per Tola Gold||Rs.207,900||Rs.190,575||Rs.181,912.500||Rs.155,925|
|Per 10 Gram Gold||Rs.178,240||Rs.163,386.667||Rs.155,960||Rs.133,680|
|Per 1 Gram Gold||Rs.17,824||Rs.16,338.667||Rs.15,596||Rs.13,368|
Today Gold Price in Pakistan 14 October 2023
On 14 October 2023, the gold prices in different cities of Pakistan were as follows:
|Lahore||PKR 207,900||PKR 2,304|
|Karachi||PKR 207,900||PKR 2,304|
|Islamabad||PKR 207,900||PKR 2,304|
|Peshawar||PKR 207,900||PKR 2,304|
|Quetta||PKR 207,900||PKR 2,304|
|Sialkot||PKR 207,900||PKR 2,304|
|Attock||PKR 207,900||PKR 2,304|
|Gujranwala||PKR 207,900||PKR 2,304|
|Jehlum||PKR 207,900||PKR 2,304|
|Multan||PKR 207,900||PKR 2,304|
|Bahawalpur||PKR 207,900||PKR 2,304|
|Gujrat||PKR 207,900||PKR 2,304|
|Nawabshah||PKR 207,900||PKR 2,304|
|Chakwal||PKR 207,900||PKR 2,304|
|Hyderabad||PKR 207,900||PKR 2,304|
|Nowshehra||PKR 207,900||PKR 2,304|
|Sargodha||PKR 207,900||PKR 2,304|
|Faisalabad||PKR 207,900||PKR 2,304|
|Mirpur||PKR 207,900||PKR 2,304|
Gold Rate in Pakistan Today 14 october 2023 per tola
The fluctuations in gold rates are a consequence of various influences such as global market conditions, currency exchange rates, inflation rates, and geopolitical events. On October 14, 2023, the gold rate in Pakistan saw 24K Gold trading at Rs. 207,900.000 per Tola, Rs. 17,824.000 per gram, and Rs. 505,197.000 per ounce. Comparatively lower in value, the 22K, 21K, and 18K Gold were selling at Rs. 190,575.000, Rs. 181,912.500, and Rs. 155,925.000 per Tola respectively. For those who prefer purchasing by weight, a 10 gram portion of 24K Gold was available for Rs. 178,240.000. The rate of gold is an important indicator for the economy and for those who invest in this precious metal.
Factors Affecting Gold Prices in Pakistan
Gold has been a precious metal that has held great value throughout history. Its rarity, durability, and aesthetic appeal have made it a highly sought-after commodity for thousands of years. In modern times, gold has also become an investment option for individuals and governments alike.
In Pakistan, gold holds cultural significance and is often associated with wealth and prosperity. The demand for gold in the country is driven by its use in jewelry, as well as investment purposes. However, like any other commodity, the price of gold is affected by various factors.
One of the main factors affecting gold prices in Pakistan is the country’s economic conditions. When the economy is strong and stable, investors tend to have more confidence in other investment options such as stocks and bonds.
On the other hand, during times of economic uncertainty or recession, investors turn to gold as a safe-haven asset. This increases the demand for gold and results in an increase in its prices.
Pakistan is one of the world’s largest consumers of gold, but it also relies heavily on imports to meet this demand. Therefore, fluctuations in global demand and supply can have a significant impact on gold prices in Pakistan.
For instance, if there is an increase in demand for gold from other countries, it may lead to higher export prices for Pakistani gold suppliers. This could result in an increase in the local price of gold as well.
Inflation and Currency Devaluation
Inflation and currency devaluation are two other major factors that can affect the price of gold in Pakistan. In times of high inflation, investors tend to turn to gold as a hedge against rising prices.
Similarly, when the value of the Pakistani rupee decreases compared to other currencies, it makes imported goods, including gold, more expensive. This can lead to an increase in the local price of gold.
Government Policies and Regulations
The government’s policies and regulations also play a crucial role in determining gold prices in Pakistan. For instance, if the government imposes higher taxes or import duties on gold, it may lead to an increase in its price.
Moreover, any changes in regulations related to gold imports or exports can also affect its price in the local market.
International events such as political instability, wars, and natural disasters can have a significant impact on gold prices worldwide. In Pakistan, these events may indirectly affect gold prices through their impact on the global economy and demand for gold.
In conclusion, there are various factors that can affect the price of gold in Pakistan, including economic conditions, global demand and supply, inflation, currency devaluation, government policies, and international events. As a highly valuable commodity and investment option, it is essential to stay informed about these factors when making decisions related to buying or selling gold in Pakistan. So if you are considering investing in gold or purchasing jewelry, be sure to keep an eye on these factors to make informed decisions.
Keep in mind that the price of gold is volatile and can fluctuate rapidly, so it is essential to conduct thorough research and seek professional advice before making any investments. Whether you are a buyer or seller, understanding the factors affecting gold prices in Pakistan can help you navigate the market more effectively and make sound financial decisions.