Today, on October 19th, 2023, the gold rate in Pakistan has reached an all-time high. The price of gold per tola is currently at Rs 217,700.000, with 1 gram of 24 karat gold selling at Rs 18,665.000 and 10 grams at Rs 186,650.000, making It is an opportune moment to consider investing in this valuable commodity.
In fact, a single ounce of 24 karat gold is currently trading at Rs 529,011.000, making it clear that the demand for gold has only continued to grow. Whether you’re a seasoned investor or simply looking for a new opportunity, it’s clear that gold is a reliable and high-value choice that will hold its worth for years to come.
Gold Rate in Pakistan Today 19 October 2023
|GOLD WEIGHT||GOLD PURITY||RATE TODAY 19 October 2023|
|1 Gram Gold||24K||Rs.18,665|
|1 Tola||24K||Rs. 217,700|
|1 Gram Gold||22K||Rs.17,109|
|1 Gram Gold||21K||Rs.16,331|
|1 Gram Gold||18K||Rs.13,998|
Today Gold Prices in Pakistan Major Cities 19 October 2023
These rates are subject to change on a daily basis and may also vary from jeweler to jeweler. It is always advisable to confirm the current gold rates before making any purchase.
Gold is a precious metal that has been valued by civilizations for centuries. Its rarity, durability, and beauty have made it a symbol of wealth and prestige. In Pakistan, gold holds a special place in the cultural and economic landscape of the country.
Overview of Today’s Gold Rates
On 19 October 2023, the gold rates in Pakistan were as follows:
- Gold weight: 1 gram, 10 grams, 1 tola (11.66 grams), and per ounce
- Gold purity: 24K, 22K, 21K, and 18K
- Rates for gold: Rs.18,665 for 1 gram of 24K gold, Rs.186,650 for 10 grams of 24K gold, Rs.217,700 for 1 tola of 24K gold, and Rs.529,011 per ounce of 24K gold.
Understanding Gold Rates
The price of gold in Pakistan is influenced by various factors such as global market demand, local supply and demand, currency exchange rates, and geopolitical events. The gold rates displayed above are based on the international market price of gold and may vary from city to city within Pakistan.
Gold Rate Calculation
Gold rate is calculated based on two main factors: weight and purity. The weight is typically measured in grams, while the purity is commonly measured in karats.One karat is equal to 1/24th of pure gold, so 24 karat gold is considered to be 100% pure.
Factors Affecting Gold Rates in Pakistan
The prices of gold and other precious metals are constantly fluctuating, and this is true for the Pakistani market as well. The current gold rates in major cities such as Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, Gujranwala, Jehlum, Multan, Bahawalpur, Gujrat, Nawabshah, Chakwal, Hyderabad, Nowshehra, Sargodha, Faisalabad and Mirpur are all influenced by various factors.
The economy is a major determinant of gold rates in Pakistan. When the economy is doing well, there is a higher demand for gold as an investment option and as a store of value. This increases the price of gold in the market. On the other hand, during times of economic uncertainty or recession, investors tend to move towards safer assets such as gold, leading to an increase in its price.
Pakistan imports a large amount of its gold from international markets, and therefore global trends have a significant impact on its rates. Factors such as supply and demand, political instability, and economic conditions in major gold-producing countries like China, Australia, and the United States can also affect the price of gold in Pakistan.
The value of Pakistani rupee against other major currencies plays a crucial role in determining the cost of imported goods, including gold. A weaker rupee means that the cost of importing gold increases, leading to higher gold rates in Pakistan.
Inflation is another key factor that affects gold prices in Pakistan. When inflation rises, the purchasing power of currency decreases, and investors turn to commodities like gold as a hedge against inflation.
Interest rates set by the State Bank of Pakistan also have an impact on gold rates. When interest rates are high, people tend to invest in fixed-income instruments instead of gold, leading to a decrease in its demand and price. On the other hand, when interest rates are low, investors turn towards gold as a more attractive investment option, driving up its price.
Government policies, such as taxes and import duties on gold, also have an impact on its rates in Pakistan. Higher taxes and duties can increase the cost of importing gold, leading to higher prices for consumers.
The demand for gold from consumers also plays a significant role in determining its rates. In countries like Pakistan, where gold is seen as a valuable asset and a symbol of wealth, consumer demand for gold remains high. This demand can increase during festivals, weddings, and other cultural events, leading to an increase in gold rates.
As we can see, there are many factors that influence the prices of gold in Pakistan. Some of these factors are global in nature, while others are more specific to the local market. Keeping track of these factors can help individuals and businesses make informed decisions when it comes to buying or selling gold. So, regardless of whether you are an investor, a consumer, or simply someone interested in keeping up with the latest gold rates in Pakistan, understanding these factors is crucial. Stay informed and make smart choices when it comes to investing in gold. Remember, knowledge is power!