The gold price in Pakistan is a topic that has gained much attention recently, and for good reason. As of October 8th, 2023, the current rate for 24-karat gold is Rs187,500 per tola, while those in the market for 22-karat gold can acquire it at Rs171,875 per tola.
For people that prefer smaller quantities, 10 grams of 24-karat gold are now priced at Rs160,751, and 10 grams of 22-karat gold can be obtained for Rs147,355. However, it’s worth noting that the value of pure gold in Pakistan has been steadily declining, causing concern for those who were looking to invest. Nonetheless, this is a prime time for gold enthusiasts to stock up on the precious metal as it remains a highly sought-after commodity in the market.
Gold Rate in Pakistan Today 8 October 2023
|Gold Rate||24K Gold Rate Today||22K Gold Rate Today|
|per Tola Gold||Rs.187,500||Rs. 171,875|
|per 10 Grams||Rs.160,751||Rs.147,355|
|per Gram Gold||Rs. 16118||Rs. 14775|
Gold Prices in Major Cities Of Pakistan 8 October 2023
|City||Gold Rates||Silver Rates|
|Lahore||PKR 191,800||PKR 2,215|
|Karachi||PKR 191,800||PKR 2,215|
|Islamabad||PKR 191,800||PKR 2,215|
|Peshawar||PKR 191,800||PKR 2,215|
|Quetta||PKR 191,800||PKR 2,215|
|Sialkot||PKR 191,800||PKR 2,215|
|Attock||PKR 191,800||PKR 2,215|
|Gujranwala||PKR 191,800||PKR 2,215|
|Jehlum||PKR 191,800||PKR 2,215|
|Multan||PKR 191,800||PKR 2,215|
|Bahawalpur||PKR 191,800||PKR 2,215|
|Gujrat||PKR 191,800||PKR 2,215|
|Nawabshah||PKR 191,800||PKR 2,215|
|Chakwal||PKR 191,800||PKR 2,215|
|Hyderabad||PKR 191,800||PKR 2,215|
|Nowshehra||PKR 191,800||PKR 2,215|
|Sargodha||PKR 191,800||PKR 2,215|
|Faisalabad||PKR 191,800||PKR 2,215|
|Mirpur||PKR 191,800||PKR 2,215|
As of 8 October 2023, the gold prices in major cities of Pakistan stand uniformly at PKR 191,800. This valuation remains consistent irrespective of the city, from the bustling economic hub of Karachi to the scenic landscapes of Quetta, the historic forts of Lahore to the capital city Islamabad, and not discounting the smaller yet significant cities like Multan and Peshawar, among others. A consistent gold rate across the country aids in maintaining a stable gold market, eliminating regional disparities, and ensuring an even ground for gold traders and consumers alike.
In parallel, the silver rates across these cities also maintain an equilibrium, each priced at PKR 2,215. This standardization of silver prices, matching the trend seen in gold rates, reinforces the stability of the precious metals market throughout Pakistan. Despite differing economic conditions, logistic considerations, and local demand, the uniform pricing of gold and silver underscores the interconnectedness of these markets, and their significant role in the Pakistani economy.
Moreover, gold prices in major cities of Pakistan may vary slightly due to differences in demand and supply among different regions. This can be seen in smaller cities where the price of gold may be slightly lower compared to bigger cities.
The demand for gold in Pakistan is largely driven by cultural traditions, as well as investment purposes. Traditionally, gold is seen as a symbol of wealth and prosperity in Pakistan and is often purchased for weddings and other special occasions.
On the other hand, many people also invest in gold as a way to diversify their portfolio and protect against inflation. In times of economic uncertainty, gold is considered a safe-haven asset and its price tends to increase.
It’s important to note that while gold prices may fluctuate in the short term, historically, gold has shown to be a reliable long-term investment. In times of economic uncertainty, it can serve as a hedge against inflation and currency devaluation.
Overview of Gold Rates
Gold is a valuable commodity and has been highly sought after since ancient times. It is used not only in jewelry and ornaments but also in different industries such as electronics, medicine, and dentistry. The demand for gold has continued to rise over the years, making it an important part of global trade and economy. Therefore, understanding gold rates is crucial for investors, traders, and consumers alike.
Factors Affecting Gold Rates
There are several factors that influence the price of gold, both globally and in Pakistan. These include:
- Supply and demand: Like any other commodity, the basic principle of supply and demand plays a significant role in determining gold rates. If the demand for gold is high but the supply is low, its price will increase.
- US dollar exchange rate: The US dollar is the most widely used currency for trading gold. As a result, any changes in its exchange rate can have a direct impact on the price of gold.
- Global economic conditions: The state of the global economy, including inflation rates and interest rates, can also affect gold prices. For instance, during times of economic uncertainty or recession, investors tend to buy more gold, driving its prices up.
- Political and social instability: Gold is often seen as a safe-haven investment during times of political or social unrest. This can also cause a surge in gold rates.
The future outlook for gold prices in Pakistan is subject to various factors such as global economic conditions, geopolitical events, and government policies. However, many experts believe that gold prices will continue to rise over the next few years. This is due to the increasing demand for gold in emerging markets like China and India, as well as its use in technology and industry. Therefore, investing in gold can be a beneficial option for individuals looking for a stable and valuable asset.
Overall, the gold market is expected to remain strong in the coming years, making it an attractive option for investors and consumers alike. So, staying updated with current events and factors affecting gold rates can help individuals make well-informed decisions regarding this precious metal. With its versatile uses and increasing demand, gold will continue to hold its value and play a crucial role in the global economy. As for Pakistan, it is among the top gold-consuming countries in the world, and with its growing economy, it is likely to contribute significantly to the rise of gold prices in the future. Therefore, keeping an eye on gold rates and market trends can be beneficial for individuals looking to invest or trade in this valuable commodity.
The current price of gold in Pakistan is reflective of global and local economic factors. As these conditions continue to evolve, so will the price of gold. It’s crucial for investors to stay informed about these factors and monitor gold prices to make informed decisions about their investments. So, it is essential for individuals to keep an eye on the ever-changing gold market in Pakistan in order to make wise investment choices. Furthermore, understanding the various factors that influence gold prices can also help individuals predict potential fluctuations and make better-informed decisions.
As with any investment, it’s important to conduct thorough research and seek professional advice before making any decisions. With its long-standing status as a valuable asset, gold will continue to play an important role in the global economy and remain a popular investment choice for many. So, it is important to stay updated on the latest trends and developments in the gold market to make the most of this valuable commodity. Keep an eye on gold prices in Pakistan and use this knowledge to make smart investment choices.