On Sunday 15 October 2023, the gold rate in Pakistan hit a high of Rs 206,900.000 per tola. This news may bring about mixed feelings for those who keep a close eye on the fluctuating rate of gold. For some, it may mean an opportunity to invest in this precious metal, while for others it may be a cause of concern.
But one thing is for sure, the price of gold has always been a topic of interest for people around the world. It’s a commodity that has proven to be a safe haven for many investors, providing them with a hedge against inflation and economic uncertainty. Therefore, it is important for people to keep themselves updated with the gold rate, especially if they are considering investing in it.
Gold Prices in Pakistan Today 15 October 2023
- The price of 24K Gold per Tola in Pakistan on Sunday, 15 Oct, 2023 was Rs 206,900.000.
- The rate for 22K Gold per Tola was Rs 189,658.333, for 21K Gold it was Rs 181,037.500, and for 18K Gold it was Rs 155,175.000.
- 10 grams of 24K Gold were being sold at Rs 177,390.000, with 22K, 21K, and 18K Gold trading at Rs 162,607.500, Rs 155,216.250, and Rs 133,042.500 respectively.
- The price of 1 gram of 24K Gold was set at Rs 17,739.000. The corresponding prices for 22K, 21K, and 18K Gold were Rs 16,260.750, Rs 15,521.625, and Rs 13,304.250.
- An ounce of 24 Karat Gold was being traded at Rs 502,767.000, with prices for 22K, 21K, and 18K Gold per ounce being Rs 460,869.750, Rs 439,921.125, and Rs 377,075.250 respectively.
Gold Rate in Pakistan Today 15 October 2023
| Gold Rate | 24K Gold | 22K Gold | |||
|---|---|---|---|---|---|
| Per Tola Gold | Rs.206,900.000 | Rs.189,658.333 | |||
| Per 10 Gram Gold | Rs.177,390.000 | Rs.162,607.500 | |||
| Per 1 Gram Gold | Rs.17,739.000 | Rs.16,260.750 | |||
| Per Ounce | Rs.502,767.000 | Rs.460,869.750 |
Today Gold Price in Pakistan Major Cities 15 October 2023
| City | Gold | Silver |
|---|---|---|
| Lahore | PKR.206,900 | PKR 2,304 |
| Karachi | PKR.206,900 | PKR 2,304 |
| Islamabad | PKR.206,900 | PKR 2,304 |
| Peshawar | PKR.206,900 | PKR 2,304 |
| Quetta | PKR.206,900 | PKR 2,304 |
| Sialkot | PKR.206,900 | PKR 2,304 |
| Attock | PKR.206,900 | PKR 2,304 |
| Gujranwala | PKR.206,900 | PKR 2,304 |
| Jehlum | PKR.206,900 | PKR 2,304 |
| Multan | PKR.206,900 | PKR 2,304 |
| Bahawalpur | PKR.206,900 | PKR 2,304 |
| Gujrat | PKR.206,900 | PKR 2,304 |
| Nawabshah | PKR.206,900 | PKR 2,304 |
| Chakwal | PKR.206,900 | PKR 2,304 |
| Hyderabad | PKR.206,900 | PKR 2,304 |
| Nowshehra | PKR.206,900 | PKR 2,304 |
| Sargodha | PKR.206,900 | PKR 2,304 |
| Faisalabad | PKR.206,900 | PKR 2,304 |
| Mirpur | PKR.206,900 | PKR 2,304 |
Background Information
Gold has always been a popular investment option for people all around the world. Its value and demand continue to rise due to various factors such as inflation, economic instability, and political uncertainties. In Pakistan, gold is considered a valuable asset and is bought for investment purposes as well as for cultural events like weddings.
Understanding Gold Prices
Gold prices in Pakistan are measured in tolas, 10 grams, and 1 gram. The rate of gold per tola is different from the rate per 10 grams and 1 gram due to the difference in weight measurements. Additionally, gold is also traded globally in ounces, which we will also discuss.
City-wise Gold Prices
As of 15 October 2023, the gold price in Pakistan stands at PKR 206,900 per tola. This price is consistent across all major cities in the country, including Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, Gujranwala, Jehlum, Multan, Bahawalpur, Gujrat, Nawabshah, Chakwal, Hyderabad, Nowshehra, Sargodha, Faisalabad, and Mirpur. However, it is important to note that the prices may vary slightly due to local market dynamics.
Factors Affecting Gold Prices
The gold price in Pakistan is influenced by various factors such as international trends, currency exchange rates, and domestic demand. In recent years, global economic uncertainties have led to an increase in gold prices, making it an attractive investment option for many. Moreover, the depreciation of the Pakistani rupee against the US dollar has also contributed to the rise in gold prices in the country.
Economic Factors
One of the primary drivers of gold prices in Pakistan is its economic stability. The demand for gold increases during times of economic uncertainty as investors turn to the metal as a safe haven. When the economy is strong, investors are more likely to invest in riskier assets, and the demand for gold decreases.
Another economic factor that affects gold prices is inflation. Pakistan has experienced high inflation rates in recent years, which has caused prices of goods and services to rise. Inflation often leads to an increase in gold prices as people view it as a hedge against inflation.
Global Market Trends
Gold is a globally traded commodity, and its prices in Pakistan are heavily influenced by international market trends. Factors such as geopolitical tensions, economic policies of major economies, and fluctuations in currency exchange rates can impact the demand and supply of gold, ultimately affecting its prices in Pakistan.
For example, if there is political instability in a major gold-producing country, the supply of gold may decrease, causing an increase in prices globally and in Pakistan. Similarly, if there is a significant shift in global economic policies, it can affect the demand for gold and its prices.
Demand and Supply
The basic economics of demand and supply also play a crucial role in determining gold prices in Pakistan. When there is a high demand for gold, its prices increase due to limited supply. Similarly, when there is excess supply of gold in the market, its prices tend to decrease.
Factors such as industrial use, jewelry demand, and investment purposes all contribute to the overall demand for gold. For example, if there is a sudden surge in jewelry demand during wedding seasons in Pakistan, it can lead to an increase in gold prices.
Government Policies
Government policies can also impact gold prices in Pakistan. For instance, if the government imposes high taxes or duties on gold imports, it can inflate its prices. On the other hand, if the government encourages gold mining and export, it can lead to a decrease in prices.
Moreover, changes in regulations related to import and export of gold can also affect its prices. For example, if there is a ban on importing gold from certain countries, it can limit the supply and increase its prices in Pakistan.
Conclusion
Gold prices are constantly fluctuating and can be affected by various factors. However, it remains a popular investment choice for individuals looking for stability and long-term returns. We hope this article has provided you with valuable insights into the gold prices in major cities of Pakistan. Keep an eye on the market trends and make informed decisions when it comes to investing in gold. So, if you are planning to buy or sell gold in Pakistan, make sure to stay updated with the latest prices and consult a trusted source for accurate information.