Gold has always been a highly valued precious metal in Pakistan. As of today, October 9th, 2023, the gold rates in the country continue to soar at an all-time high. The 24K gold rate is currently at Rs. 195,000, while the 22K gold rate stands at Rs. 178,750 per tola. For those looking to purchase gold in smaller quantities, the 10-gram rate for 24K gold is Rs. 167,181 and Rs. 153,249 for 22K gold. As for per gram rates, 24K gold is priced at Rs. 16,718, and 22K gold is Rs. 15,325 in Pakistan today. Despite the surge in prices, gold continues to remain an attractive investment option for many people in Pakistan due to its value and versatility.
Gold Price in Pakistan Today 9th October 2023
|Gold Price||24K Gold Rate Today||22K Gold Rate Today|
|per Tola Gold||Rs. 195000||Rs. 178750|
|per 10 Grams||Rs. 167181||Rs. 153249|
|per Gram Gold||Rs. 16718||Rs. 15325|
Gold Rates In Pakistan Today 9 October 2023
Today, on October 9th, 2023, gold prices in Pakistan are at a staggering high. The 24K gold rate per tola sits at Rs. 195,000, while 22K gold fetches Rs. 178,750. For those looking to purchase less than a tola, the current rate for 10 grams of 24K gold is Rs. 167,181 and 22K gold is priced at Rs. 153,249 per gram. With these steep prices, investing in gold is certainly not for the faint of heart. However, for those who are able to afford it, gold remains a valuable asset that can potentially withstand the test of time.
Gold Rates inMajor Cities Of Pakistan 8 October 2023
|Lahore||PKR 195,600||PKR 2,260|
|Karachi||PKR 195,600||PKR 2,260|
|Islamabad||PKR 195,600||PKR 2,260|
|Peshawar||PKR 195,600||PKR 2,260|
|Quetta||PKR 195,600||PKR 2,260|
|Sialkot||PKR 195,600||PKR 2,260|
|Attock||PKR 195,600||PKR 2,260|
|Gujranwala||PKR 195,600||PKR 2,260|
|Jehlum||PKR 195,600||PKR 2,260|
|Multan||PKR 195,600||PKR 2,260|
|Bahawalpur||PKR 195,600||PKR 2,260|
|Gujrat||PKR 195,600||PKR 2,260|
|Nawabshah||PKR 195,600||PKR 2,260|
|Chakwal||PKR 195,600||PKR 2,260|
|Hyderabad||PKR 195,600||PKR 2,260|
|Nowshehra||PKR 195,600||PKR 2,260|
|Sargodha||PKR 195,600||PKR 2,260|
|Faisalabad||PKR 195,600||PKR 2,260|
|Mirpur||PKR 195,600||PKR 2,260|
The above table shows that on 8 October, 2023, the gold and silver rates were uniform in all major cities of Pakistan. This indicates a stable economy and consistent market trends across the country.
On the 8th of October, 2023, gold rates in major cities across Pakistan remained consistent, standing at PKR 195,600. The cities, including Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, Gujranwala, Jehlum, Multan, Bahawalpur, Gujrat, Nawabshah, Chakwal, Hyderabad, Nowshehra, Sargodha, Faisalabad, and Mirpur all reported the same gold rates. Similarly, the silver rates in these cities were identical, with each recording a rate of PKR 2,260. With the precious metals market remaining steady across this range of locations, it remains to be seen how the rates will fluctuate in the future.
While the gold and silver rates in Pakistan may be similar across various cities, the factors affecting these rates can differ. The global demand for gold and silver, political stability, economic conditions, and currency exchange rates are just some of the many factors that contribute to determining the prices of precious metals.
Furthermore, it is important to note that while gold and silver rates may fluctuate in the short term, they tend to hold their value over time. This makes them a popular choice for investment purposes.
Additionally, Pakistan has a long history of gold and silver trading, with various cities being known for their thriving markets. Lahore, Islamabad, and Karachi are just some of the cities that have a significant presence in the precious metals market.
Factors Affecting Gold Prices in Pakistan
Gold is a highly esteemed metal that has served as a trusted repository of wealth and a means of trade for countless generations.Its price is determined by various factors, including supply and demand, economic conditions, and market sentiment. In Pakistan, gold prices are influenced by both domestic and international factors.
- Economic Stability: The economic stability of a country has a significant impact on gold prices. In Pakistan, when the economy is stable and performing well, investors tend to invest more in riskier assets such as stocks and bonds, which can lead to a decrease in demand for gold. This can result in lower gold prices.
- Inflation: High inflation rates can also affect gold prices in Pakistan. When the value of the local currency decreases due to inflation, investors turn to gold as a safe-haven investment, leading to an increase in demand and subsequently driving up its price.
- Government Policies: The policies implemented by the government can also impact gold prices. For instance, if the government introduces import duties on gold or imposes restrictions on its trade, it can lead to a decrease in supply and an increase in prices.
- Interest Rates: Changes in interest rates can also affect gold prices. When interest rates are high, investors tend to flock towards fixed-income investments, resulting in a decrease in demand for gold and lower prices.
- US Dollar Exchange Rate: As Pakistan’s currency is pegged to the US dollar, changes in its exchange rate can have a significant impact on gold prices. When the dollar strengthens, gold prices in Pakistan tend to decrease as it becomes more expensive for local buyers.
- Global Demand and Supply: The global demand and supply of gold also play a crucial role in determining its price in Pakistan. If there is a high demand for gold globally, it can lead to an increase in its price, even in the local market.
- Geopolitical Tensions: Political instability and geopolitical tensions can also have a significant impact on gold prices. In times of uncertainty, investors turn to gold as a safe-haven asset, leading to an increase in demand and subsequently driving up its price.
- Interest Rates of Major Economies: Changes in interest rates of major economies, such as the US and China, can impact gold prices in Pakistan. When these countries raise their interest rates, it can lead to a decrease in demand for gold as investors seek higher returns elsewhere.
Numerous factors influence the price of gold in Pakistan, both domestically and internationally. Investors should keep an eye on these factors to make informed decisions regarding their gold investments and to understand the fluctuations in its price. While it is impossible to predict with certainty, understanding these factors can help investors make more educated decisions and manage potential risks associated with investing in gold. So, it is crucial for individuals interested in gold to stay updated on domestic and international economic developments and political situations that can impact its price. Additionally, diversifying their investment portfolio with other assets can help mitigate the risk associated with investing in gold.
Overall, understanding the factors affecting gold prices in Pakistan is essential for anyone looking to invest in this precious metal. It can also serve as a valuable learning experience for those interested in economics and financial markets. As the saying goes, “knowledge is power,” and having a good understanding of the factors influencing gold prices can give investors an edge in their investment decisions. So, keep learning and stay informed to make smart investment choices.