Gold Rates Increased in Pakistan

Gold rates are increased due to changes in international prices because gold is correlated with the dollar, but the dollar has weakened. This is the first time in Pakistan when the gold rate increased above Rs. 100,000. The price of 1 tola increased by RS. 700. In the latest update, the rate of 24k per tola is Rs. 107,200, and the rate of 10grams of 24k gold is Rs. 91,900. These rates are given by the Local Gold Market and Sarafa markets of Pakistan.

Gold Rates Increased in Pakistan

In Pakistan, the gold rate is increasing day by day. Almost every day in the news, we listen that the gold rate has been increased. But this is the first time in Pakistan when the gold rate increased above Rs. 100,000. The price of 1 tola increased by RS. 700. In the latest update, the rate of 24k per tola is Rs. 107,200, and the rate of 10grams of 24k gold is Rs. 91,900. These rates are given by the Local Gold Market and Sarafa markets of Pakistan. In different cities, gold rates can be different at different times.

The updated list of Gold rates in Pakistan is mentioned below!

24k per tola is Rs. 107200

24k 10 grams is Rs. 91900

22k per tola is Rs. 98266

22k 10 grams is Rs. 84241

Gold rates are increased due to changes in international prices because gold is correlated with the dollar, but the dollar has weakened. The alternates such as oil have also become cheaper. This is all just because of the global slowdown. That’s why investors are saving their money into gold. According to market experts, parking money into gold is considered safe in uncertain times. After the changes in international prices, the prices in Pakistan are compiled by the ASSJA.

Due to the nationwide lockdown, the bullion market is closed. The private television channels reported that prices are calculated based on an increase in international prices. Recently, gold futures have been increased by more than $200 per ounce when they were trading at under $1500. As the report went online, gold futures started trading at $1721 per ounce in the international market that was the highest level in seven and a half years.

Pakistan imports gold and pays for it in dollars. The recent devaluation of rupee played a role in increasing the prices of gold. In Asia, the Pakistani rupee was among the worst-performing currencies. The Pakistani rupee fell sharply against the dollar, which is now worth Rs. 167 compared to Rs. 155 in the past.

Due to nationwide lockdown, the surge in local prices came, which resulted in the suspension of trade. A jeweler said that the increase in the prices in international markets is because of stockers. After the emergence of coronavirus, stockers started purchasing Gold due to trade issues. Haroon Chand of ASSJA said that due to lockdown,  No wedding is taking place, so no one is buying Gold.

Rates of Gold are higher than the Pakistani rates. Pakistani rates are Rs.7000 less than the Dubai rates. If you buy 24k per tola gold in Dubai, you will pay Rs. 107400. Chand says, when markets will open, the discount may reduce, and prices will increase. The chief strategist, Michael McCarthy said, the economic concerns are particularly supportive of Gold due to lower interest rates of liquidity such as oil, and that’s why Gold becomes much more attractive. The ASSJA said that they would keep their shops closed until the lockdown is over. They prefer their safety in this pandemic.