Gold prices in Pakistan have been fluctuating lately, with the price of 24K Gold per Tola on Sunday, October 15th, 2023 being Rs 206,900.000. The rates for 22K, 21K, and 18K Gold per Tola were also recorded, proving to offer options for a variety of budgets. For those looking to purchase smaller quantities, 10 grams of 24K Gold were being sold at Rs 177,390.000, and the price of 1 gram of 24K Gold was set at Rs 17,739.000. And for those looking to invest in larger quantities, an ounce of 24 Karat Gold was being traded at Rs 502,767.000. These prices are valid only for October 15th, 2023, so be sure to stay informed on current prices if you’re interested in investing in gold.
Gold Rate in Pakistan Today 15 October 2023
|Gold Price||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|
Today Gold Price Major Cities Of Pakistan 15 October 2023
As of 15th October 2023, the gold and silver prices across major cities in Pakistan remain the same. In each city, the cost of gold is recorded at PKR 206,900, whereas the silver price is consistent at PKR 2,304. This uniformity in pricing applies across cities, including Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, Gujranwala, Jehlum, Multan, Bahawalpur, Gujrat, Nawabshah, Chakwal, Hyderabad, Nowshehra, Sargodha, Faisalabad, and Mirpur. This consistent rate illustrates the stabilized condition of the precious metal market within the country. This stability is also a positive indication for investors, as it indicates steady returns on investment and less risk in the market. Additionally, this information can be used for reference by individuals or businesses who are involved in the gold and silver trade within Pakistan. It serves as a reliable source of data to make informed decisions about buying and selling these precious metals in various cities across the country.
Factors Affecting Gold Prices in Pakistan
Gold has been considered as a valuable asset throughout history. Its value is influenced by various factors, including global and local economic conditions, supply and demand, geopolitical events, and investor sentiments. In this article, we will explore the factors that affect gold prices in Pakistan.
Global Economic Conditions
The global economy plays a significant role in determining the price of gold in Pakistan. Gold is a safe-haven asset, which means that investors tend to flock towards it during times of economic uncertainty. When global economies are facing challenges such as inflation, recession, or geopolitical tensions, gold prices tend to rise.
Local Economic Conditions
Besides global economic conditions, local economic factors also impact gold prices in Pakistan. For instance, if the Pakistani rupee depreciates against the US dollar, it makes gold more expensive for local buyers. Similarly, high inflation and political instability can also contribute to higher gold prices in Pakistan.
Supply and Demand
The basic principles of supply and demand also apply to the price of gold in Pakistan. If there is a high demand for gold but limited supply, prices are likely to increase. On the other hand, if there is an oversupply of gold in the market, prices may decrease.
Geopolitical events such as wars, natural disasters, and political instability can have a significant impact on gold prices in Pakistan. These events often result in economic uncertainty, which leads investors to turn towards safe-haven assets like gold, causing prices to rise.
Investor sentiments also play a crucial role in determining the price of gold in Pakistan. If investors are optimistic about the economy’s future prospects, they may shift their investments away from safe-haven assets like gold towards riskier options, resulting in lower gold prices. On the other hand, if investors are uncertain or bearish on the economy’s future, they may increase their investments in gold, causing prices to rise.
Political stability or instability can have a considerable effect on gold prices in Pakistan. In times of political uncertainty or turmoil, investors tend to turn to gold as a safe-haven asset, driving up its demand and price. On the other hand, if a country’s political climate is stable, investors may feel more confident in investing in riskier assets, causing the demand for gold to decrease and its price to drop.
In Pakistan, gold is not only seen as an investment but also as a symbol of status and wealth. Jewelry demand in the country is one of the significant factors affecting gold prices. During wedding seasons or religious festivals, the demand for gold jewelry increases, causing its price to rise. Similarly, when there is a decline in jewelry demand, gold prices tend to drop.
Government Policies and Regulations
The Pakistani government plays a significant role in regulating the gold market in the country. Changes in import taxes or duty rates can have a direct impact on gold prices. For instance, if the government increases taxes on gold imports, it may result in an increase in gold prices for consumers.
The current gold rate in Pakistan today on 15 October 2023 as per current market trends stands at Rs.206,900 for 24K gold, Rs.189,658.33 for 22K Gold, and Rs.502,767 for 1 Ounce of Gold. It is essential to stay up to date on information about gold rates that can directly impact your ability to purchase gold effectively and keep a budget. Keeping this in mind you should always stay informed about ongoing changes in the gold market in order to have maximum opportunities when making investments. To get the most accurate information related to this, reach out to reliable gold dealers who possess updated pieces of related information that can help you make wise decisions Now is the perfect time to take advantage of this beneficial situation and start working on your current financial goals.