Gold prices decline in Pakistan as rupee recovers in open market
- Price of 24-carat bar settles at Rs232,800 per tola, after single-day decrease of Rs6,300
Gold rate in Pakistan today on May 22, 2024 is Rs248,200 per tola for 24 carat of the precious metal, while the price for 10 gram gold is Rs212,791 in the local bullion market.
On Wednesday, the price of 1 tola gold decreased by Rs300 and 10-gram gold also declined by Rs236.
| 22-May-24 | Gold | Silver |
|---|---|---|
| per Tola | Rs248,200 (↓ Rs300) | Rs2,850 |
| per 10 grams | Rs212,791 (↓ Rs236) | Rs2,444 |
These are live gold prices in Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, Multan, and others. However, a change of a few hundred rupees may be observed.
Internationally, the rate of the yellow metal decreased by $3 to settle at $2,415 per ounce (with a premium of $20 in Pakistani market).
Silver 24kt rate in Pakistan on Wednesday is Rs2,850 per tola. The price of 10 gram silver is Rs2,444.
Gold, silver rates per tola in last 10 sessions:
| Dates | 24K Gold | 24K Silver |
|---|---|---|
| 21-May-24 | Rs248,500 | Rs2,850 |
| 20-May-24 | Rs250,400 | Rs2,850 |
| 18-May-24 | Rs248,100 | Rs2,850 |
| 17-May-24 | Rs245,000 | Rs2,730 |
| 16-May-24 | Rs245,600 | Rs2,730 |
| 15-May-24 | Rs244,000 | Rs2,650 |
| 14-May-24 | Rs241,100 | Rs2,650 |
| 13-May-24 | Rs242,300 | Rs2,650 |
| 11-May-24 | Rs243,500 | Rs2,650 |
| 10-May-24 | Rs243,800 | Rs2,650 |
The rates of gold in Pakistan closely follow trajectory of the US dollar and international rates of the commodity as the country remains a net importer of the precious metal.
When the rupee is under pressure, investors take refuge in this safe-haven metal. Other than that, the precious metal is also widely used in making of jewellery.
Gold and silver prices are fixed by respective Sarafa associations in their city.
The precious yellow metal is a store of value across the world, and recognised by cultures as a symbol of wealth.
For thousands of years, gold and silver have been seen as valuable commodities, as the two metals have been widely used for coins for centuries.
What determines the rate of gold?
There happen to be a number of factors that affect the price of gold on daily basis.
Its rates are moved by a combination of various elements such as demand and supply, value of rupee against the US dollar, international prices, interest rates, investor behavior, etc.
Some also consider gold as an inflation hedge, and the precious metal also garners support in case of economic uncertainty in a country like Pakistan. It is a worldwide commodity just like oil.
In Pakistan, it’s not easy to forecast future gold rates as the bullion market remains volatile for multiple reasons.
Since last year, the prices of the yellow metal have seen fluctuation on rupee’s devaluation and economic and political uncertainty.
Demand for the precious metal increases when investors rush to buy it, which affects its price in the market.
Other than that, jewellery can also be considered one of the drivers of gold prices, but a weaker one, as most people buy jewellery to keep that for years.