PAKISTAN TODAY

 

GOLD RATE IN PAKISTAN ON 17^TH DECEMBER 2022

Inflation has left everyone in shock, increasing prices and declining currency has also affected the gold sector. For a person to buy gold at this time of age has become near to impossible. Today, on 17^th December 2022 (Saturday) in Pakistan the rate of one tola of 24 karat gold was Rupees 171,200. Similarly, the price of ten grams of 24 karat gold was at Rupees 146,780, and the price of ten 22 karat gold was Rupees 153,750.

There is a lot of fluctuations in the rate of gold in Pakistan at the moment. The reason behind this is the international market, so gold price is never the same at any point. Below are the rates of local gold markets of different cities in Pakistan.

City	Gold	Silver
Lahore	PKR 171,200	PKR 1980
Karachi	PKR 171,200	PKR 1980
Islamabad	PKR 171,200	PKR 1980
Peshawar	PKR 171,200	PKR 1980
Quetta	PKR 171,200	PKR 1980
Sialkot	PKR 171,200	PKR 1980
Attock	PKR 171,200	PKR 1980
Gujranwala	PKR 171,200	PKR 1980
Jehlum	PKR 171,200	PKR 1980
Multan	PKR 171,200	PKR 1980
Bahawalpur	PKR 171,200	PKR 1980
Gujrat	PKR 171,200	PKR 1980
Nawabshah	PKR 171,200	PKR 1980
Chakwal	PKR 171,200	PKR 1980
Hyderabad	PKR 171,200	PKR 1980
Nowshera	PKR 171,200	PKR 1980
Sargodha	PKR 171,200	PKR 1980
Faisalabad	PKR 171,200	PKR 1980
Mirpur	PKR 171,200	PKR 1980

So, as we can see that the rate is consistent, for both gold and silver, in nineteen different cities of Pakistan. Market custom holds that when the rupee weakens against the US dollar and commodity prices fall on the global market, the price of gold typically increases locally.

In the last nine sessions, the price of a tola of gold has increased by Rupees 8,850 due to the rupee's decline in value versus the US dollar.

Gold prices increased by 4 dollars per ounce before settling at 1,782 dollars on the world market. A lack of United State cash, according to commodities analysts, is the main factor driving up gold prices in the local market. Many of the investors, due to this reason, prefer dollar rather than Rupees, as there is a high rise in the difference between the open market and the interbank market rate, which is from 20 rupees to 30 rupees. However, dollar is not available in Pakistan and the financial situation of Pakistan is worrisome for many.

Due to the rumors that the dollar could rise to 350 – 400 versus the rupee, investors were attempting to buy the precious metal. So, given the lack of dollars, they have turned their attention to gold as the price of the yellow metal is likewise growing in the worldwide market.

Gold prices in Pakistan are strongly positively impacted by international gold prices, which is statistically significant. It implies that when gold prices rise globally, so will gold prices in Pakistan. It will become pricey. As a result, there will be less demand for gold, which will lower its price.