If you’re searching for the latest update on the gold rate in Pakistan, look no further than October 21, 2023. On this Saturday, the gold rate per tola in Pakistan was Rs 213,700.000, with 1 gram of 24k gold being sold for Rs 18,322.000 and 10 grams of 24K gold trading for Rs 183,220.000.
A single ounce of 24 Karat Gold was trading for a whopping Rs 519,291.000. While this information may be of particular interest to those in the gold trade, it also signals important shifts in the economy and has wider implications for everyone. As such, staying on top of up-to-date gold rates can prove to be invaluable knowledge for wisely investing in precious metals.
Gold Rate in Pakistan Today 21 October 2023
|GOLD WEIGHT||GOLD PURITY||RATE TODAY 21 October 2023|
|1 Gram Gold||24K||Rs.18,322|
|1 Tola||24K||Rs. 213,700|
|1 Gram Gold||22K||Rs.16,795|
|1 Gram Gold||21K||Rs.16,031|
|1 Gram Gold||18K||Rs.13,741|
Today Gold Prices in Pakistan Major Cities 21 October 2023
Pakistan Gold Rate Analysis: October 21, 2023
In light of the latest information, the gold rate in Pakistan on October 21, 2023, was recorded at Rs 213,700 per tola. The cost of 1 gram and 10 grams of 24K Gold was Rs 18,322 and Rs 183,220 respectively. Furthermore, a single ounce of 24 Karat Gold commanded a price of Rs 519,291.
These figures underscore the dynamism of the gold trade as they reflect the daily fluctuations in the market. This information is not just pertinent to traders and jewelers, but these shifts in gold prices also carry broader implications. They reveal trends in the economic landscape and provide insights into global market movements.
- 24 Karat Gold: Touted as the purest form of gold, 24 Karat gold was trading at Rs 213,700 per tola and Rs 18,322 per gram. On a larger scale, its price per ounce was a staggering Rs 519,291.
- 22 Karat Gold: Measured as slightly impure gold (91.67% purity), the price per tola of 22 Karat gold stood at Rs 195,891, while it was priced at Rs 16,795 per gram.
- 21 Karat Gold: With a purity of 87.5%, 21 Karat gold traded for Rs 16,031 per gram and Rs 186,987 per tola.
- 18 Karat Gold: Considered as 75% pure, 18 Karat gold was available for Rs 13,741 per gram and Rs 160,275 per tola.
To make informed decisions on investing in precious metals, staying updated with the current gold rates is essential. It can prove beneficial whether you’re a gold trader or an individual investor. Across major cities in Pakistan Lahore, Karachi, Islamabad, Peshawar, and more the gold rate remained uniform at Rs 213,700, reflecting a stable domestic market. Simultaneously, the silver rate also held steady at Rs 2,304. This uniformity across cities points towards a stable domestic gold market, indicating a balanced supply-demand scenario.
Factors Affecting Gold Prices in Pakistan’s Major Cities
As such, gold prices are closely monitored by traders, governments, and individuals alike. In Pakistan, like many other countries around the world, gold prices can vary significantly between different cities.
Understanding the Current Gold Market in Pakistan
Before delving into the factors that affect gold prices in Pakistan’s major cities, it is important to have a basic understanding of the current gold market in the country. In recent years, there has been a steady increase in demand for gold in Pakistan, mainly driven by its use as jewelry and investment purposes.
In addition, with the global economic uncertainty caused by events such as the COVID-19 pandemic, gold has become an even more attractive investment option for many people. This increased demand for gold has also had an impact on its prices in Pakistan.
Factors That Influence Gold Prices in Pakistan’s Major Cities
International Market Trends
The international market trends play a significant role in determining gold prices in Pakistan. Since gold is a globally traded commodity, any changes in its demand and supply on an international level can have a direct impact on its prices in the country.
For instance, if there is a decrease in global demand for gold due to economic stability or other factors, it can lead to a decline in gold prices in Pakistan’s major cities as well.
The value of Pakistani rupee in comparison to other major currencies, such as the US dollar, can also affect gold prices in the country. This is because most of the gold imported into Pakistan is priced in US dollars. Therefore, any fluctuations in exchange rates can have a significant impact on gold prices.
Inflation and Interest Rates
Inflation and interest rates are closely linked to each other and both can have an impact on gold prices in Pakistan. Inflation refers to the general increase in prices of goods and services, which can decrease the purchasing power of a currency. This makes gold a more attractive investment option, leading to an increase in its demand and ultimately its price.
Similarly, when interest rates are low, investors tend to move towards alternative investments such as gold, resulting in an increase in its demand and prices.
Political and Economic Stability
Political and economic stability or instability can also affect gold prices in Pakistan’s major cities. In times of political or economic uncertainty, investors tend to turn towards safe haven assets like gold, driving up its demand and prices.
Local Demand for Gold
The local demand for gold in Pakistan’s major cities also plays a role in determining its prices. As mentioned earlier, gold is widely used for jewelry and investment purposes in the country, hence any changes in local demand can directly affect its prices.
Import Duties and Taxes
The government of Pakistan imposes import duties and taxes on gold, which can have an impact on its prices in the country. An increase in these duties and taxes can lead to an increase in gold prices, while a decrease can result in lower prices.
There are several factors that influence gold prices in Pakistan’s major cities, including international market trends, exchange rates, inflation and interest rates, political and economic stability, local demand for gold, and import duties and taxes. As such, it is important for investors to keep a close eye on these factors in order to make informed decisions when it comes to buying or selling gold in the country.
So, staying up-to-date with the latest market trends and carefully analyzing these factors can help investors navigate the often volatile world of gold prices in Pakistan’s major cities. With this knowledge, investors can make more informed decisions and potentially maximize their returns on this precious commodity. So, whether you are a seasoned trader or a new investor, it is essential to understand the various factors that affect gold prices in Pakistan’s major cities.