Gold Price Hits New High In Pakistan – Buyers Worried
Gold price in Pakistan has reached an all-time high. This increase has not only worried ordinary buyers but also investors. People want to know why this increase happened, what are its risks and what is the safest way to buy gold at this time.
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Latest Gold And Silver Prices
Here are the latest rates according to the Sarafa Associations of different cities in Pakistan. However, prices at shops may vary slightly depending on the city and dealer.
Gold Rates in Pakistan
| Type | Price in PKR | Change |
|---|---|---|
| 24K Gold – per Tola | Rs. 370,700 | +Rs. 3,300 |
| 24K Gold – per 10 Grams | Rs. 317,815 | +Rs. 2,829 |
Silver Rates in Pakistan
| Type | Price in PKR | Change |
|---|---|---|
| Silver – per Tola | Rs. 4,303 | +Rs. 101 |
| Silver – per 10 Grams | Rs. 3,689 | +Rs. 87 |
Experts say that buyers should check the rates with reputable goldsmiths in at least two major cities such as Karachi, Lahore or Islamabad before making a purchase, as the shops’ premium and labor charges can further increase the overall price.
Global Market Snapshot
- Globally, gold is currently trading at around $3,480 per ounce.
- The price of silver is around $40.61 per ounce.
Whenever the price of gold increases in the global market and the Pakistani rupee weakens against the US dollar, local rates immediately go up.
Reasons For The Increase In The Price Of Gold
Global and local factors
- Safe haven demand: When investors see uncertainty in the financial markets, they buy gold.
- Rupee depreciation: Imported gold also becomes more expensive due to the appreciation of the dollar.
- Protection from inflation: Households buy gold to protect their savings.
- International effects: Rates in Pakistan are linked to the global bullion market.
Effects On The Common Man
Purchasing Jewelry
The cost of jewelry for weddings or other events for ordinary families has now increased further because the current rate also includes labor charges.
For Investors
Most investors are preferring to buy 24-karat bars or coins instead of holding cash to protect their wealth from inflation and rupee weakness.
Small Jewelers
Small traders say that when gold suddenly becomes expensive, customers stop buying, which puts pressure on their businesses.
Safe Ways To Buy Gold
- Verify authenticity: Always buy hallmarked or 24-karat stamped jewelry.
- Compare rates: Look at the difference between the association rate and the store’s premium at different stores.
- Keep an eye on the dollar rate: Even minor fluctuations against the US dollar affect the local price of gold.
- Get a receipt: The receipt should list the carat, weight and labor charges separately.
- Buy in stages: It is a safer strategy to buy in installments rather than making a large purchase at once.
Common Questions FAQ’s
Question 1: What is the price of gold per tola in Pakistan?
Currently, according to the official rate, 24-karat gold is about Rs. 370,700 per tola. However, there may be additional charges at stores.
Question 2: Why has gold become so expensive?
The main reason for this is the increase in the global market, the weakness of the rupee against the dollar and the increasing interest of investors in gold.
Question 3: Is this the right time to buy?
If you want to invest for the long term, it is better to buy in installments. But the risk of price fluctuations in the short term is high.
Question 4: What is the price of silver?
In Pakistan, silver is about 4303 rupees per tola, while in the global market it is about 40.61 dollars per ounce.
Question 5: Are the rates the same in different cities?
No, the rates may differ in cities like Karachi, Lahore and Islamabad due to demand, supply and costs.
Conclusion
The price of gold in Pakistan is at its highest level, which has made it difficult to budget for household purchases and purchase of jewelry. Despite this, gold is still considered a safe investment against inflation and the weakness of the rupee.
Prices are likely to continue to fluctuate in the near term as global bullion markets, interest rate policies, and dollar rates are constantly changing. In such a situation, it is best for buyers and investors to proceed with caution, verify authenticity, compare prices, and prioritize purchases in stages.
